Finnish game developer Remedy Entertainment has announced earnings results for 2020, and the company had its best year ever in terms of the money it made despite releasing no games.
For the full year, Remedy made €41.1 million in revenue, up 29.8% compared to the previous year, while the company posted an operating profit of €13.2 million. Remedy was able to have its best year ever in 2020 without releasing any games thanks in part to royalty income from Control and all the money it got from Epic Games to bring two new games exclusively to the Epic Games Store.
Remedy also launched two paid expansions for Control in 2020, while the game released on multiple different stores and on a new platform, Nintendo Switch, during the year. The game, which has sold 2 million copies, was also added to subscription and streaming services, including Amazon Luna and Xbox Game Pass, both of which boosted revenue. Additionally, Remedy launched the Ultimate Edition of Control in 2020.
Remedy CEO Tero Virtala said being able to have such a good year with no game releases is evidence that the company has succeeded in diversifying its business.
Remedy is predicting more growth in 2021 with the release of Control on PS5 and Xbox Series X|S, along with a new game, CrossfireX, for Xbox.
Additionally, the publisher said Control continues to sell well so far in early 2021, while the company believes Control has the opportunity to perform well down the track. The company noted that November 2020 represented the highest-selling month in Control’s history–15 months after release–when it came to digital copies sold.
Remedy continues to grow as a company when it comes to headcount, with its total staff jumping 11% to 275 employees. The company has 30 open positions so it plans to expand even further in the future.
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