Tencent’s had an ownership in Alan Wake creator Remedy since 2021, and that stake has now grown to nearly five times that original amount.
Per Remedy’s newest filing, the tech giant’s indirect shareholding value grew to 14.8 percent of Remedy’s shares and voting rights as of April 24, 2024. Prior to that, the value was at 5.01 percent.
Back in 2021, the stake was justified by Tencent being impressed with Remedy’s output. That sentiment has likely grown with the recent success of Alan Wake 2 and Control’s ongoing fortune.
Tencent previously put stake into non-Chinese studios like FromSoftware and Visual Arts. It hasn’t made plays towards full ownership for the former, though it’s now a majority owner of Dying Light creator Techland.
Remedy reaffirms its future with Control, Max Payne, and more
The studio’s newest business review for January-March 2024 shows revenue grew to €10.8 million (or $11.5 million) for the three-month period. Compared to last year, it’s a boom of 56.2 percent.
Outlining its upcoming projects, CEO Tero Virtala said its Max Payne remakes should start full production this summer. Codename Condor, a multiplayer spinoff for Control, is already in full production.
Of that project, Virtala called its core loop “engaging” and deemed it a “unique Remedy angle” to multiplayer. Condor’s outlook is a notable contrast against Kestrel, a similar multiplayer project the studio opted to reboot last November.
Meanwhile, the Control 2 team has finalized the proof-of-concept stage. Like the Max Payne remakes, full production on that is expected to start in the second half of the year.
As for Kestrel, it’s still being refined. At the time of its reboot, the studio opted to turn it from a freemium game to a premium one containing a “strong, cooperative multiplayer component.”
Remedy’s general 2024 outlook hasn’t changed, according to its review. It’s only after a business model and agreements for Condor and Control 2 are finalized that it’ll outline its larger 2024 expectations.