Key questions and answers on Remedy’s performance in Q3 2023.
Remedy published its Business review January-September on October 31, 2023. This is a summary of the key messages regarding the quarter.
How much was the revenue and how was it composed?
Our revenue was 7.8 M€ and remained flat compared year-on-year to Q3 2022. The revenue consisted of development fees of 6.7M€ and royalties of 1.1M€.
How much was the operating profit / loss and what was the operating profit margin?
Our operating loss increased year-on-year to -5.5M€, resulting in an operating profit margin of -70.0%.
At which stage were the game projects at the end of the quarter?
Alan Wake 2 was in the last moments of full production stage as the team was finalizing the game for its launch on October 27, 2023.
Control 2 continued in the proof-of-concept stage.
Condor progressed from the proof-of-concept stage to the production readiness stage.
Codename Vanguard stayed in the proof-of-concept stage.
Max Payne 1&2 remake progressed from the proof-of-concept stage to the production readiness stage.
What were the highlights of the quarter?
In Q3 we worked actively on finalizing Alan Wake 2 and intensifying its marketing campaign with Epic Games Publishing. Key marketing activities included in August, the Alan Wake 2 Dark Place trailer debuting at Gamescom, and in September, an Alan Wake 2 briefing and an exclusive hands-on demo session being held for a select group of global media and influencers. Both events signaled that Alan Wake 2 is widely anticipated and positively received by the target audience. Alan Wake 2 finally launched on 27th of October with great reviews and gamer feedback.
Other highlights included two games, namely Condor and Max Payne 1&2 remake advancing from the proof-of-concept stage to the production readiness stage.