Key questions and answers on Remedy’s performance in Q4 2023.
Remedy published its Financial Statement for January-December on March 20, 2024. This is a summary of the key messages regarding the quarter.
- How much was the revenue and how was it composed?
Our revenue for Q4 2023 was 10.3M€ and decreased 24.4% compared to Q4 2023. The revenue consisted of development fees of 7.6M€ and royalties of 2.7M€.
Our revenue for the year 2023 was 33.9 M€ and decreased 22.2% year-on-year compared to the year 2022. The revenue consisted of development fees of 28.8M€ and royalties of 5.2M€.
- How much was the operating profit / loss and what was the operating profit margin?
Our operating loss for Q4 2023 increased year-on-year to -12.8M€ (2.1), resulting in an operating profit margin of -123.9%.
Our operating loss for the year 2023 increased year-on-year to -28.6M€, resulting in an operating profit margin of -84.4%.
- At which stage were the game projects at the end of the quarter?
Alan Wake 2 was launched on October 27, 2023.
Control 2 continued in the proof-of-concept stage.
Codename Condor continued in the production readiness stage.
Codename Vanguard, renamed into codename Kestrel, was restarted and moved back to the concept stage.
Max Payne 1&2 remake continued in the production readiness stage.
- What were the highlights of the quarter?
In the beginning of Q4 we worked actively on finalizing Alan Wake 2 and intensifying its marketing campaign with Epic Games Publishing. Alan Wake 2 finally launched on 27th of October with great critic reviews and player feedback.
- How many units has Alan Wake 2 sold to date
In February 2024, we announced that Alan Wake 2 had sold 1 million units by the end of 2023 and 1.3 million units by the beginning of February 2024. This is the latest sales information we have shared. As Control proved, a great quality game can have excellent longtail sales and
- Why did you acquire the Control franchise?
In February 2024, we announced that we had acquired full rights to the Control franchise from 505 Games. Upon the transaction, all publishing, distribution, marketing and other rights to Control, codename Condor, Control 2, and all future Control products revert to Remedy. This is a very positive development and a significant strategic step. We have started the process of mapping out the right partners, business models and commercial deals for Control games that would enable us to reach the largest possible success while mitigating the financial risks. While 505 Games was the right partner in 2017, the franchise and our ambitions have grown since. We see that the way to grow the Control franchise is with a different business model and a partner.
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.
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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€.
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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%.
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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.
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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.