Remedy Entertainment Plc | Stock exchange release | March 20, […]
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In February 2024, we acquired full rights to the Control franchise from 505 Games. This is a significant positive step for us. 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.
In November we announced a reboot to
Codename Vanguard, renamed
Codename Kestrel. The requirements for a successful new free-to-play game have clearly increased during the past years. Despite the promising progress during the first half of the year, we decided with Tencent that the potential was not there.
Kestrel returned to a concept stage. As a result, we wrote off all the capitalized
Vanguard development costs, impacting the profitability of the fourth quarter and full year 2023 by EUR -7.2 million.
Control 2 continued in the proof-of-concept stage. In the fourth quarter, the team worked particularly on world building and combat.
Codename Condor continued in the production readiness stage and the team focused on combat and game mechanics. Both games have proven fun and engaging game play.
Max Payne 1&2 Remake also continued in the production readiness stage. The team made considerable progress throughout the year.
Max Payne 1&2 remake is going to be a major new game with great potential, enabled by a similar development budget as
Alan Wake 2.
We expect
Condor,
Control 2 and
Max Payne 1&2 remake projects to advance to the next stages of development during the first half of 2024. With the refined multi-project model in place, increased focus on Remedy core strengths and the dedication of almost 400 Remedians, we are thrilled with a great lineup of upcoming game launches.
