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Remedy's revenue rose even in a year with no major games

Remedy's profit and revenue totals shot upward in 2021--a year when its only major release was Alan Wake Remastered.

Bryant Francis

February 14, 2022

1 Min Read
A screenshot from Alan Wake Remastered. Alan looks at a waterspout flinging trucks and other debris out of a road.

2021 was a year where the numbers moved upward for Remedy Entertainment. The Finnish game developer's full-year financial report (which also includes data on its fourth quarter financial performance) has arrived, and 2021 saw notable gains in revenue and modest gains in profits in a year that was light on releases.

For the three-month period ending December 31, 2021, Remedy earned €19.7 million (about $22 million) in revenue, an increase of 39.4 percent year-over year. Operating profit for the quarter clocked in at €11.2 million, a 69 percent increase over the prior year.

For the full year of 2021, Remedy earned €44.7 million in revenue (up 8.9 percent from the same period last year), and had an operating profit of €14.7 million. That's an 11 percent rise from the prior year.

Did Remedy get that much of a revenue boost from Alan Wake Remastered and purchases of its back catalogue? Not entirely. CEO Tero Virtala explained that "development fees from partners" drove the fourth-quarter revenue increase, while royalties from older titles decreased year-over-year.

Remedy's partnerships with other developers and its upcoming slate of releases (two Control titles, Alan Wake 2) feel like it's gearing up for even better financial results in the next couple of years. For this next fiscal year, Remedy forecasted that its revenue will continue to rise, but operating profits will be "on a lower level" this year.

About the Author(s)

Bryant Francis

Senior Editor, GameDeveloper.com

Bryant Francis is a writer, journalist, and narrative designer based in Boston, MA. He currently writes for Game Developer, a leading B2B publication for the video game industry. His credits include Proxy Studios' upcoming 4X strategy game Zephon and Amplitude Studio's 2017 game Endless Space 2.

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