Remedy Entertainment’s upcoming Max Payne 1&2 remake is set to enter full production in the company’s second financial quarter of 2024.
In its business review for the period between January, 2024 and March, 2024, Remedy Entertainment has revealed that development of the Max Payne 1&2 remake moved into the production readiness stage, and that it is expected to move into full production during the second quarter of 2024. It is further mentioned that, in the first quarter of 2024, revenue was higher compared to the same period in 2023. Development fees increased from the comparison period, however, mainly due to higher development costs for Max Payne 1&2 remake.
Meanwhile, the development team working on the studio’s other major project, Control 2, has focused on finalizing the proof-of-concept stage, in which the game world, game mechanics and visual targets are proven. The company expects the project to advance to the production readiness stage during the second quarter of 2024.
Back in February, 2024, Remedy Entertainment had acquired full rights to the Control franchise from 505 Games. Upon the transaction, all rights to Control, codename Condor, Control 2, and all future Control products reverted to the studio. The company has yet to decide to self publish Control 2 and Codename Condor, or find new publishing partner. It will specify the outlook for 2024 when the decision for the business model and the
potential agreements for Control 2 and Condor have been made.
Regarding the acquisition of full rights to the Control IP, Remedy Entertainment CEO Tero Virtala stated that it was a significant strategic step that cost the company a maximum purchase price of approximately EUR 17
million. He further mentioned that the company made the first of three payments at the time of the transaction, which had a 3.8 million negative impact on its cash position. The next payments are expected to take place in
the latter half of 2024 and early 2025