Hello all internet TV viewers and listeners. Remedy published its Q2 results today, and we're going to talk about that and other interesting topics with Remedy's CEO. Jean-Charles Gaudechon. Welcome.

Thank you. Thank you very much.

Let's start with Q2. How was it for Remedy?

Q2 was obviously a great success from a Control Resonant standpoint. We had the announcement of the launch date and we had the kickoff of pre-orders and kept pushing really hard on all fronts. Now when it comes to revenue, revenue was down from the comparative quarter last year because we had the launch of FBC: Firebreak. And of course it came with much higher revenues. So we're down from that, which makes sense.

And also we started our marketing campaign. We kicked it off for Control Resonant. And that has a cost, obviously. So we ended up with higher costs, lower revenue, which is usually not a great combination for profitability, but for good reasons. Because right now the one and only priority is Control Resonant. And that's tracking well.

Yeah, it's just a little bit over a month to go until Control Resonant launches. So what can you tell about the game at the moment? Where is this standing, and anything about the wishlist or pre-sales numbers, what you can tell us?

First, the game is playing well and it's really improving on a daily basis because the team is working really hard to finish it. So these are really important moments in any product development. So I'm very happy with the way the game is shaping up, fixing bugs, etc. Obviously, when it comes to pre-orders and wishlists, as mentioned in the earnings call, that's tracking well, that's on par and I would say actually probably ahead of some of our predictions. So happy about that.

On the wishlist, we passed 1.5 million, which puts us in some of the pretty big players in the window to come. And as you know, it's a busy window, so we need it. And on the pre-orders, same thing, tracking well. It's of course still early days because both wishlists and pre-orders kind of hockey stick as you're getting really close to launch. So we're expecting even much bigger numbers to come.

Yeah. And I have to say, I just had the chance to play the game for one hour and I could still go back to the gaming room right now. Yeah, it felt really good. Good to hear. Next question about the game. We know that the marketing campaign is now in full swing. And there were already costs visible now in Q2. But how is the campaign planned? Is most of the activity happening in Q3 and the rest of the year?

Yes, of course it was kicked off. So you see, of course, costs attributed to our marketing campaign in Q2, but the bulk of that cost will actually come in Q3 when, of course, the biggest push is needed in order to launch the game and support it pre- and post-launch.

You already touched a little bit about the launch window. We know at first there were many games coming in September and everybody knows that GTA 6 is coming in November. So when you were planning the launch date, what were you thinking of that?

Yeah. Well, it's a game that was almost more than seven years in the making. So it's not like you plan extremely accurately when you start the game and during development. At the end of the day, what's important for us is the quality of the game and to release an outstanding product. And after that you see what is pretty much the best time. We didn't want to rush it. We didn't want to avoid the whole window by launching early. There was no question, because we wanted to push quality as far as we could. And of course, pushing way out is also not an option for obvious reasons. So that's when we ended up roughly in that window.

That said, again, I think that to me what's really, really important nowadays in gaming is the quality of the product and the uniqueness of the product. And that's actually what Remedy, we push really hard. It's a game I think that no one else can make, really, so yes, it's coming in a busy window. I think we can stand out. We're doing everything to push really hard to first and foremost satisfy our core users, our core fans, who have been following the whole franchise. And I think that's going to help us to convert quite a lot of people, hopefully, never take it for granted, push really hard, but hopefully that translates that way. So yeah, it's really that.

Yeah. And this is the first time Remedy is self-publishing a game of this scale. So how satisfied are you with the publishing operations on this first try?

Well, as you can see, I'm impressed. I'm impressed by the team. I hope I was able to also add my own experience, but I wouldn't take any credit from a team that's been working extremely hard on the publishing front. I think it's also a senior team in many ways. So we look at, yes, it's a new muscle we're trying to build at Remedy, but the people forming this team are very experienced, very talented people. And that shows on our presence, our marketing campaign, which, as I said, is just starting.

So it's getting in full swing and you'll see a lot more coming as we approach launch. I think it's a team that learned quite a lot in the past, and even in a kind of third-party publishing model. For some of them, they saw what was best practice, what worked, what didn't, and are able to apply that today. So it's not a junior team either. It's a well-rounded team. Still, improvements can be made, but very proud of what's happening at the moment.

One extra question still about Control Resonant and the Chinese market. I think you mentioned that it's been selling pretty well also in that market. So what are you thinking about China? Yeah. Opportunity.

I mean, we've been very surprised. Not surprised, but actually very happy to see that the first Control, the initial game, worked pretty well over time in China. So as I said, it was grounded in data. It's not just kind of a shot in the dark, as I said before. So China was a priority, is a priority. And I think it's a story that deserves the best possible product, the best possible localization, including VO.

And we were, for the first time ever, at ChinaJoy in Shanghai a bit more than a week ago, and we had a great setup. I'm sure you'll be able to see some of that online if you follow Remedy, which turned into really good feedback on the game, on the localization, some of these choices, and we're also listening a lot. So we look at people playing like, did you understand that piece or that piece? And then we always try, even now, to improve some things, localization all the way to the last minute in order to make the best possible game overall, but also listening to China, Latin America, or core markets like the US, Europe, etc.

A little bit. Talk about the other game project. I think you're not going to say much about Max Payne Remake because of Rockstar. Rockstar. Yeah. But the other third project now moved to the production readiness phase. Correct. Quite fast. So what can you tell us about that?

Yeah. No, it's going at the right pace. I think one of my priorities was to focus a lot on the multi-project aspect of Remedy. That's one that I wanted to spend meaningful time with the team, with our PMO team, everyone, to make sure that we apply the right processes around dev. And don't get me wrong, this is a 30-year-old studio. And there's already a lot of things done really well, but I think there are still things we can improve now.

Going faster is good, but not always the best solution if you lose quality along the way. So to me, it's still very important we focus on quality. Regardless, I think we can get just a bit more predictable, a bit faster, in order to also release games at the right pace. So that's what you're seeing with this project.

Yeah, maybe just like analysts thinking that when we think about, for example, Alan Wake 2, it was quite a big development phase on the technological side also for Remedy. And can we now think that there are some scale benefits for the upcoming games now and for the work that was done already many years ago?

Very much. Absolutely. It's a studio, and that's something I've seen. It's a studio that learns, and that's usually the mark, to me, of very healthy studios and teams, is that after every project, we take the time to look back and improve. Yeah. All right.

Last question for you. You have now been Remedy's CEO for like five months. So what are your key findings and learnings during that time?

Well, we just talked about that a little bit just now. But what I would add to that is, I knew it was a great studio. I'm now convinced it's a great studio, and I've seen it firsthand. And what I mean by that is the seniority mix is impressive. I think it comes from the studio itself. What I'm learning also is just Finland in general seems to be producing incredible engineers and artists, etc., but the backbone of this studio, both on game teams and Northlight, is impressive and very solid. And that's of course amazing and a chance for me to be able to lead such a studio. So that's of course something that I thought it was before. I've seen it firsthand. And I know now really kind of the strength of Remedy.

The publishing side was a question in some ways, right? And some people are like, well, it's a new muscle. What I can see firsthand again is a very sound strategy, a very strong team. All this can always improve. But I see a very solid foundation, which is also very reassuring as we're about to launch Remedy's biggest product of all time so far. So that's yet another learning. Yeah, I think that's mostly that. Right?

I thought it's a studio that has also developed, with multi-project, a strong PMO culture on the project management front, which we're still pushing, but that helps again with development quality and predictability. And these are important as this studio is trying to grow. But again, always, if you keep quality at the center, at the heart of everything we do, and that's not going to move away. So yeah, I think these mostly are the things that I've learned, really liked, so far at Remedy.

Thank you, Jean-Charles, for these answers. And now we're just going to wait for one and a half months and get to play. Yes. Control Resonant.

We shall not disappoint.

Thank you.

Thank you. Thank. You.