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Analyst Comment

Remedy's Alan Wake 2 won three awards at The Game Awards

By Atte RiikolaAnalyst
Remedy Entertainment

Translation: Original comment published in Finnish on 12/08/2023 at 7:24 am EET

Remedy's Alan Wake 2 raked home awards at The Game Awards Gala hosted last night. The game was nominated in 8 different categories and won 3 awards: Best Game Direction, Best Narrative and Best Art Direction. The most coveted Game of the Year award was awarded to Larian Studios’ Baldur’s Gate 3.

The Gala also featured the Finnish Poets of the Fall that performed under the name Old Gods of Asgard, whose music can be heard in both Alan Wake games and in Control. The music video for the song Herald of Darkness performed at the Gala and written for Alan Wake 2 has already gained a lot of popularity on Youtube with over 2 million views.

The Game Awards has been dubbed the game industry’s Oscar Gala and last year it was watched by over 100 million people around the world through various platforms. At the 2019 Gala, Remedy's Control game was also nominated in 8 categories, winning one. This visibility raised awareness of the at that time still new and relatively unknown game brand, which provided support for game sales over the next few years.

Alan Wake 2’s visibility has been significantly higher since the game’s launch, so the visibility gained at the Gala may not support sales development as much as was the case for Control. In any case, thanks to a significantly larger marketing budget, Alan Wake 2's sales have kicked off clearly faster than Control's, which is also what Remedy's CEO Tero Virtala said at Inderes' Roast.

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Remedy Entertainment is a game developer. Its operations are primarily focused on the development of action games, with a particular focus on 3D technology. Examples of games that the company has developed include several different versions of Alan Wake, Max Payne, and Control. Remedy also develops its own game engine and tooling technology that powers many of its games. The company was founded in 1995 and is headquartered in Espoo, Finland.

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Key Estimate Figures15.11.2023

202223e24e
Revenue43.631.570.1
growth-%-2.5 %-27.7 %122.4 %
EBIT (adj.)-0.6-20.617.6
EBIT-% (adj.)-1.3 %-65.2 %25.1 %
EPS (adj.)-0.13-1.221.04
Dividend0.100.100.10
Dividend %0.5 %0.7 %0.7 %
P/E (adj.)neg.neg.14.1
EV/EBITDA126.5neg.7.3

Forum discussions

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