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Remedy Entertainment Shows 7% Increase in Revenue

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Remedy Entertainment

Remedy Entertainment has officially released it’s financials for Q3, the three month period that officially ended on September 30th, and it shows an increase in their revenue but also shows declines in their operating profit.

Remedy highlighted that development fees accounted for 95% of revenues, while royalties made up the 5% remaining. This is despite the development costs of projects such as Alan Wake 2 and the remakes for Max Payne 1 and Max Pane 2, which they report were “key positive contributors”.

The company went on the state that Alan Wake Remastered and Xbox exclusive Crossfire did not generate royalties. Alan Wake 2 is still on track to arrive in 2023. [source investors.remedygames.com]

“In the third quarter of 2022, revenue grew by 7% to EUR 7.9 million. Development fees made up 95% and royalties 5% of the revenue. Key positive contributors were the development fees from Alan Wake 2 and Max Payne 1&2 Remake.

At the same time, development fees from Codename Condor and Alan Wake Remastered and game royalties from Control decreased from the comparison period. Alan Wake Remastered and Crossfire did not generate royalties.”

Per the report:

HIGHLIGHTS FROM JULY–SEPTEMBER 2022

  • Revenue grew by 6.8% to EUR 7.9 (7.4) million.
  • EBITDA decreased to EUR -2.4 (0.4) million, mainly due to increased external development costs.
  • Operating profit (EBIT) was EUR -3.0 (-0.2) million, and operating profit margin was -38.4% (-2.9%) of revenue.
  • Cash flow from operations was EUR 4.7 (4.8) million.
  • In August, Remedy lowered its revenue and operating result outlook for 2022.
  • In September, Remedy’s Board of Directors decided on a new option plan.

HIGHLIGHTS FROM JANUARY–September 2022

  • Revenue grew by 20.2% to EUR 30.0 (24.9) million.
  • EBITDA was EUR -0.9 (3.6) million.
  • Operating profit (EBIT) was EUR -2.7 (1.1) million, and operating profit margin was -9.0% (4.3%) of revenue.
  • Cash flow from operations was EUR 14.2 (8.2) million.
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Activision Blizzard Representation Data Report for 2022

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Activision Blizzard has release it’s 2022 representation data report, which includes data on full-time employees who identify as non-binary.

Per the report, women and non-binary individuals make up 26% of its staff. In 2021, women represented 24% of Activision Blizzard (via GamesIndustry.biz).

In 2022, under-represented ethnic groups represented 38% of the publisher, and in 2021 that number was 36%. Additionally, employee ethnicity data represents staff who identify as multi-racial or non-white within the United States only.

While the company said that their goal is to increase roles for women and non-binary staff by 50%, Activision Blizzard hasn’t announced a target for increasing the number of under-represented ethnic groups.

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Sega of America Launches New Office in California

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Sega of America has officially announced that they have opened a brand new office in Irvine, California which will house Sega and its subsidiary Atlus’ internal publishing departments within a single space.

The focus of the new office will be facilitating media streaming opportunities for the North American team.

“The opening of the new Sega of America headquarters in Irvine represents a new era for one of the gaming world’s most esteemed brands,” said Sega global CEO, Shuji Utsumi in an official statement. “This new space helps to foster a genial and team-oriented culture to reinforce that purpose and create new stories and worlds that will entertain gamers for generations.”

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Keywords Studios Opens Office in Romania

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Keywords Studios

Keywords Studios has officially announced that they have opened a brand new location in Bucharest, Romania, which comes a year after their acquisition of art studio AMC.

“We want to contribute to the development of the industry in Romania, offering people the opportunity to lend a hand in the development of some of the most popular games in the world,” said head of studio Vlad Alexandru in an official statement.

“This studio will also further contribute to the growth of Keywords’ global talent pool which stands at 12,000+ and is increasing by the day.”

 

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