Recently, Remedy presented its 2024 financial report, detailing all the company’s information, not just its financial aspects but also the development status of its upcoming projects. The Finnish company had a great 2024 with notable growth and expects to continue expanding thanks to the strength of its franchises and the planned future releases.
Remedy Highlights in 2024
2024 was a memorable year for Remedy. Not only did they manage to develop four games at a faster pace, but they also regained the rights to Control and announced a strategic partnership with Annapurna, along with a financing agreement with Tencent.
- In February, they regained the rights to the Control franchise from 505 Games.
- Control 2, FBC: Firebreak (previously known under the codename Condor), and the Max Payne 1 & 2 Remake saw steady progress throughout the year.
- Two expansions for Alan Wake were released: Night Springs in June and The Lake House in October, followed by a physical edition launch in October.
- In August, a strategic partnership with Annapurna was initiated to boost self-publishing and expand their franchises beyond video games.
- In September, a loan agreement was signed with Tencent to facilitate the self-publishing of FBC: Firebreak.
- In October, it was announced that FBC: Firebreak would be Remedy’s first self-published game, scheduled to launch in 2025.
- An updated strategy was unveiled during Capital Markets Day in November, setting two financial goals for 2027: to double 2024’s revenue and achieve a 30% EBITDA margin.
- Sales of Alan Wake 2 surpassed 2 million units, with the game recovering its development and marketing costs.
- Numerous advancements in their work strategies, Northlight technology, and tools were made throughout the year.
Development Status of Remedy’s Current Games
FBC: Firebreak
With imaginative and highly replayable missions featuring various twists and surprising challenges, teamwork and strategy are at the core of the game. Remedy plans to update and expand FBC: Firebreak with post-launch content details to be revealed later.
The game’s development budget is approximately €30 million. Remedy retains full intellectual property rights to the game.
FBC: Firebreak, a mid-priced game, will be Remedy Entertainment’s first self-published title, slated for release in 2025 on PC via Steam and the Epic Games Store, Xbox Series X|S, and PlayStation 5. It will launch on day one on PC Game Pass and Game Pass Ultimate. It will also be available from day one on the PlayStation Plus Game Catalog for all Extra and Premium members.
By the end of 2024, the game was in full production.
Control 2
In August 2024, Remedy signed a strategic collaboration agreement with Annapurna Pictures, which will fund 50% of the development budget of Control 2. Annapurna also secured rights to expand the award-winning Control and Alan Wake franchises into film and television. Annapurna, an entertainment company founded by Megan Ellison in 2011, creates and produces original stories for film, interactive entertainment, television, and theater. They will lead the expansion of Control and Alan Wake into new entertainment media.
The initial development budget for Control 2 is €50 million. Remedy retains full intellectual property rights to the game.
Remedy Entertainment will self-publish Control 2, which will be available for PC, PlayStation 5, and Xbox Series X|S, and will utilize Remedy’s proprietary Northlight technology and tools.
By the end of 2024, the game was in the production phase and entered full production in early 2025.
Max Payne 1 & 2 Remake
Remedy Entertainment is remaking the video games Max Payne and Max Payne 2: The Fall of Max Payne in collaboration with Rockstar Games. The partnership between Remedy and Rockstar Games dates back to the original release of the acclaimed Max Payne and Max Payne 2: The Fall of Max Payne, developed by Remedy and published by Rockstar Games.
Under the development agreement, Remedy is creating the games as one title for PC, PlayStation 5, and Xbox Series X|S using its proprietary Northlight technology and tools.
The development budget for the game is fully financed by Rockstar Games, at a scale consistent with a typical AAA production by Remedy. Remedy will have the opportunity to earn royalties once Rockstar Games has recouped development, marketing, and other distribution and publishing costs.
By the end of 2024, the game was in full production.
