Remedy Entertainment Plc | Inside information 13.20 p.m. (EET) 28 December 2021
Remedy Entertainment signs a global development, license and distribution agreement with Tencent for the co-operative multiplayer game codenamed Vanguard
The game codenamed Vanguard (“the game”), Remedy’s original intellectual property, is a free-to-play, co-operative PvE shooter that combines Remedy’s narrative expertise and action gameplay into an immersive multiplayer experience. The game is developed with the Unreal Engine for PC and console platforms. Remedy will develop and publish the game worldwide, excluding selected Asian markets, where Tencent will localize and publish the game.
The game’s development is currently in the proof-of-concept phase. Its development budget up to the end of the first year of live operations will be in the range of a typical Remedy AAA game budget. This development will be co-financed by Remedy and Tencent. In addition, Tencent will localize the game for the selected Asian markets and cover the related localization costs.
Remedy and Tencent will be responsible for their own publishing and game operating costs in their respective territories while sharing a portion of revenue to the other party after the recoupment of the development costs.
As part of the agreement, Remedy has also licensed Tencent worldwide rights to develop and publish a mobile version of the game. Tencent will cover the costs for developing and publishing the mobile version. The parties have agreed on a separate revenue sharing scheme for the mobile version.
“Vanguard marks Remedy’s first entry into Games-as-a-Service business model, executed by our top tier team of free-to-play experts. We are building something new and exciting for co-operative multiplayer space, on top of Remedy’s strengths. Expanding our capabilities to take on publishing responsibilities is the next step in the development of our company. We are excited for this long-term partnership with Tencent and with confidence can say that it is an excellent fit in supporting Vanguard’s ambitious plans. Vanguard is a global opportunity, and Tencent can support Remedy internationally, and lead the operations in Asia and the mobile markets.” Tero Virtala, CEO of Remedy Entertainment.
Veli-Pekka Puolakanaho, Corporate Development Director
Phone: +358 50 430 0936
Alexander Corporate Finance Oy, Certified Adviser
Phone: +358 50 520 4098
Remedy Entertainment Plc is a globally successful video game company known for story-driven and visually stunning console and PC games such as Control, Alan Wake and Max Payne. Remedy also develops its own Northlight game engine and game development tools. Founded in 1995 and based in Finland, the company employees over 290 game industry professionals from 30 different countries. Remedy is listed on the Nasdaq First North Growth Market Finland marketplace. www.remedygames.com