Financial report from Remedy Games published this morning confirmed that the Max Payne remake — a contemporary combination of Max Payne 1 and 2 — is in “full production.” The report reveals that the game entered that state during the quarter spanning April to June 2024.
Additionally, Control 2 has entered the production readiness phase, indicating that the game is gradually developing towards its release. CEO Tero Virtala also noted that “development fees have increased compared to the comparative period due to higher development fees for the Max Payne 1&2 remake.” This basically means that full steam ahead is now in the works for the remake, and these losses are due to the money spigot and cash flow for its development.
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In terms of the company’s broader finances, things are looking better than they were last year, with revenue up 16%. Operating losses are still €3.2 million, which sounds a bit harsh, but that’s still an improvement of €1.6 million on last year. So things seem to be heading in a positive direction for Remedy.
Notes are also included regarding projects in busy development, though this section of the report begins with a brief sentence about the cancellation of multiplayer title Project Kestrel. The report notes that that game’s cancellation allowed resources to be focused on “other game projects”, which would include the aforementioned Max Payne remake and Control 2.
The Max Payne Remake is clearly headed toward another major milestone, which is a playable and functioning product from start to finish. On the other hand, Control 2, being much earlier in development, has just passed a modest milestone. It’s a working version with key features present and doing their job, and an essential step before the game reaches a similar stage as the Max Payne Remake.
One essential context for this report is that it comes after Remedy took control of a key IP. The report notes, “With full control over the IP and publishing rights for Control and Alan Wake, we can choose how to bring our future games to market. We have considered self-publishing and related business models, and we have also discussed various partner publishing opportunities.” It also notes that there is a forceful focus on expanding its IP—which includes Max Payne, Alan Wake, and Control—in the future.
Finally, Remedy expects year-over-year revenue growth to continue to improve going forward, with the report indicating that current revenue growth is contingent on the decision to “self-publish and/or select a new publishing partner for the Control (codename Condor and Control 2) games.”
This should all spell good news for Remedy fans, as it not only indicates some stern internal changes in terms of development, but also brighter prospects for the future (assuming future games like the Max Payne remake, Control 2, and Codename Condor do well). In times of financial instability, especially among larger publishers, an independent studio in this position can only be a good thing.
Are you excited about this Max Payne remake? Do you think Remedy is on the right track? Let us know below!
