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Alan Wake Dev Gives Update On Its Many Upcoming Games, Takes A Hit On Rebooted Project

Alan Wake 2 has not recouped its development costs and changes to Remedy's free-to-play game led to millions in impairment charges.


Alan Wake developer Remedy has published its latest earnings report, and the document contains updates on how the Finnish studio's many upcoming games are coming along. Some games, like the upcoming Max Payne remakes, are making positive progress, but a free-to-play game that Remedy is making with Tencent reverted back to the "concept" stage at a big cost to the studio.

The document also provides an update on Alan Wake 2, a game that has still not recouped its development costs but one that Remedy believes could have a long sales tail, similar to Control.

Here is a rundown of each project and the latest status update:

  • Max Payne 1 and 2 remakes -- These are fully funded by Rockstar Games, which also owns the IP. The games are in the "production readiness stage," Remedy said. "The team made considerable progress throughout the year," the studio said. The company said the remakes will be "major" and have "great potential." They have a "similar budget" to Alan Wake 2, which Remedy said was its "largest and most ambitious" game ever. Alan Wake 2, like the Max Payne remakes, was funded by Epic Games and not Remedy itself.
  • Codename Kestrel -- Formerly known as Codename Vanguard prior to its reboot in November 2023, the free-to-play game now known as Kestrel showed "promising progress" in the first half of 2023, but Remedy and Tencent decided that "the potential was not there." As a result, Kestrel was sent back to the concept stage, as was originally announced in November 2023. "The requirements for a successful new free-to-play game have clearly increased during the past years," Remedy said. Due to these issues, Remedy is writing off the development costs when Kestrel was known as Vanguard to the tune of €7.2 million (or about $7.8 million USD). This was the "total capitalized development costs for codename Vanguard."
  • Control 2 -- The sequel to Control remains in the "proof-of-concept stage," Remedy said. In the fourth quarter of 2023, Remedy worked "particularly" on the world-building and combat elements.
  • Codename Condor -- A multiplayer spin-off of Control, Codename Condor is in the "production readiness stage," and the team worked on combat and game mechanics. Remedy said Condor and Control 2 have "proven fun and engaging gameplay" elements.
  • Alan Wake 2 -- Released in October 2023, Alan Wake 2 reached 1 million units sold by the end of 2023, making it Remedy's fastest-selling game ever. The game has recouped a "significant" part of the development costs paid for by Epic Games, but not all. Remedy said the game could be able to have "excellent longtail sales" similar to the sales trajectory of Control. Remedy said Alan Wake 2 is expected to be a "meaningful revenue and profitability driver" in 2024. Alan Wake 2's first DLC, Night Springs, is coming this year.

Condor, Control 2, and Max Payne 1 and 2 are expected to reach the "next stages of development" during the first half of 2024, Remedy said. "With the refined multi-project model in place, increased focus on Remedy core strengths, and the dedication of almost 400 Remedians [the term used to describe Remedy's employees], we are thrilled with a great lineup of upcoming game launches," Remedy said.

"We continue the year 2024 with great enthusiasm, more focus, and plenty of determination, and we expect this to be an exciting year of growth for Remedy," the company said.

In other Remedy news, the company recently acquired the rights to the Control series back from 505 Games. The company said this is a "significant positive step" for the company. "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," the company said. It remains to be seen what company Remedy might partner with for Control 2 or the multiplayer spin-off.

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