“Remedy Entertainment: Max Payne Remake Progress and Tencent Investment Surge”
During its quarterly earnings presentation, Remedy Entertainment provided updates on its remake projects for Max Payne 1 and 2, along with significant news regarding Tencent’s increased investment in the studio.
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Max Payne
According to a report for shareholders, Remedy disclosed that the remake of Max Payne 1 and 2 is slated to transition into “full production” in the second quarter of 2024 (spanning from April to June). Meanwhile, Codename Kestrel, the multiplayer action game previously known as Vanguard, remains in the conceptual phase.
As Max Payne 1 and 2 move closer to full production, Tencent has notably tripled its stake in Remedy. Previously, Tencent acquired a minority stake of 3.8%, which it later increased to 5%. Now, the studio announced that Tencent has further boosted its stake to 14.8%, nearly tripling its previous investment.
Additionally, Remedy provided updates on other projects in development. The team behind Control 2 is finalizing its proof of concept and is poised to progress to the “production readiness stage” during the second quarter. Furthermore, Codename Condor, a multiplayer game set in the Control universe, is nearing completion of its development phase and moving towards full production.
Amidst these developments, Remedy had a bustling period, including the full acquisition of the Control franchise from 505 Games. Discussions are ongoing regarding future partnerships, business models, and potential self-publishing endeavors. Alan Wake 2 achieved impressive sales figures, selling 1.3 million units by early February and recouping a substantial portion of its expenses.
In organizational changes, Remedy’s COO, Christopher Schmitz, has announced his resignation, while long-time Remedy veteran and Control game director Mikael Kasurinen is appointed as the company-wide creative director.
Furthermore, Remedy reported a 56.2% year-over-year increase in revenue for the quarter, amounting to €10.8 million ($11.6 million).
Lastly, two expansions for Alan Wake 2 are currently in development: Night Springs and The Lakehouse, although release dates for these expansions have yet to be announced.
