Remedy Entertainment Plc | Inside information 29 June 2021 9:00 pm (EEST)
Remedy signs a co-publishing and development agreement with 505 Games for a multiplayer spin-off game of the award-winning Control
Collaboration terms for a future, bigger-budget Control-game also agreed
Remedy Entertainment, developer of the award-winning game Control, has signed an agreement with 505 Games under which Remedy and 505 Games, an international video game publisher and a subsidiary of Digital Bros Group, will co-publish and develop a new 4-player cooperative PvE (player vs. environment) game, codenamed Condor.
Condor is a spin-off of the critically acclaimed Control game, which was published in 2019. Since its publishing, Control has been nominated for 11 BAFTA® Games Awards and received over 20 “Game of the Year” awards. The new game will be built on Remedy’s proprietary Northlight® engine and tools. Condor will be available on PC, PlayStation 5, and Xbox Series X|S.
“We are excited to continue and further expand our collaboration with Remedy. With over 2 million copies sold and revenue exceeding EUR 70 million, Control is an extremely successful game,” say Rami and Raffi Galante, co-CEOs of Digital Bros Group. “As a multiplayer game, Condor has the potential to engage the gaming community in the long run, contributing to 505 Games’ product revenue stream longer than traditional games.”
Condor’s initial development budget amounts to EUR 25 million. The development and marketing investments will be equally split between 505 Games and Remedy Entertainment as well as the future net revenues generated by the game.
In addition, 505 Games and Remedy Entertainment have outlined high-level collaboration terms to further expand the Control franchise with a bigger-budget Control-game, to be agreed in more detail in the future.
“We have successfully collaborated with 505 Games for over four years and have both become stronger in our respective fields. We are happy to extend and deepen our partnership. This new agreement supports Remedy’s aims to expand our games into long-term franchises, create benchmark-setting games, strengthen our commercial capabilities and collaborate with great partners with whom we can succeed together,” says Tero Virtala, CEO of Remedy Entertainment.
Tero Virtala, Chief Executive Officer
Phone: +358 9 435 5040
Terhi Kauppi, Chief Financial Officer
Phone: +358 9 435 5040
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 employs over 280 game industry professionals from 30 different countries. Remedy is listed on the Nasdaq First North Growth Market Finland marketplace. www.remedygames.com