Remedy has grown tremendously in the last 10 years on the back of strong multi-platform games and partnerships.
In its recent Q1 2021 earnings call, Remedy briefly outlined its growth over the past 10 years. The results are stunning. From 2010 to 2020, Remedy's revenues have grown over 774% and the company has evolved into a leading independent studio capable of working on multiple high-profile projects at the same time. In 2010, Remedy pulled in just 4.1 million Euros in revenues; by 2020, revenues hit an all-time high of 41.1 million Euros.
Here's a few major beats from the last ten years' of Remedy:
- 2010 - 2012 (Alan Wake) - Revenues grew from 3.8 million to 15.5 million Euros, up 229%+
- 2016 (Quantum Break) - Revenues up 20% to 16.4 million Euros
- 2019 - 2020 (Control) - Revenues up 104% to record-breaking 41.1 million Euros
"2020 was a record year for us, and our revenue pillar for Q1 2021 is about the same as it was in 2020," Remedy Chief Financial Officer Terhi Kauppi said in the earnings brief.
In 2020, Control sold 2 million copies worldwide and Remedy is happy with the Ultimate Edition re-release's solid performance on PlayStation 5 and Xbox Series X/S platforms.
2021 is another big year for Remedy's future. The company raised 41.5 million Euros from a share offering in February 2021, and the company is working on five titles ranging from AA releases to AAA big-budget games.
Remedy's 5-game Pipeline
- Big AAA project for Epic games
- Smaller-scale project for Epic Games
- CrossFire HD + CrossFire X singleplayer campaigns
- New service-driven online co-op multiplayer game
- Unannounced AAA title
Remedy has partnered with Tencent, Microsoft, and Epic Games for three of these projects alongside its established deal with 505 Games.
Epic is fully funding two of Remedy's new games: A smaller-scale title and a big AAA experience. Both games are set in the same franchise.
Tencent is publishing CrossFire HD and Microsoft is publishing CrossFire X. Remedy is designing singleplayer campaigns for both games.
"We currently have deals with 505 Games and Epic Games, and in those the IPs are owned by Remedy and shared with partners. Partnering terms affect our growth in a significant manner for years to come," Kauppi said.
Remedy also has something on the distant horizon. Early pre-production phases of development have begun on a new separate AAA game that could be set in the studio's so-called Remedy Shared Universe.
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