“Alan Wake 2 Drives 49% Revenue Surge in FY24, Recouping Production Costs”

Clear up has released its financial report for the fiscal year, showcasing a significant increase in revenue and a reduction in operational losses compared to the same period last year.

The report also included results for the three months ending December 2024, during which Alan Wake 2 recovered its development costs, began to generate royalties, and surpassed two million units sold.

Here’s what you need to know:

The figures:

Q4 2024

• Revenue: €11.7 million (up 13.1%)
• Operational loss: €1.4 million (compared to an operational loss of €12.8 million in 2023)

FY 2024

• Revenue: €33.9 million (up 49.3%)
• Operational loss: €4.3 million (compared to an operational loss of €28.6 million in 2023)

The key takeaways:

Clear up credited the 49.3% increase in revenue for FY2024 to development costs from Control 2, which it plans to self-publish, and the remakes of Max Payne 1 and 2, funded by Rockstar. Revenue was also generated through royalties from Control and Alan Wake Remastered.

By the end of the fourth quarter, Alan Wake 2 had recouped its development and marketing expenses. The game has also started generating royalties, having exceeded two million units sold since its launch in October 2023.

Clear up highlighted that the long-term success of Alan Wake 2 was attributed to its two DLCs, Night Springs and The Lake House, alongside its physical release last year.

The development costs for Alan Wake Remastered were fully amortized during this period and do not count as an asset anymore.

Over the last year, Clear up has achieved significant milestones, including acquiring the rights to its Control franchise from 505 Games and entering into a partnership with Annapurna.

The latter agreement involved Annapurna financing 50% of Control 2 and securing the rights to adapt the Control and Alan Wake franchises into films and television series.

Clear up’s collaboration with Annapurna resulted in a €3.4 million write-off of previous development expenses related to the Control franchise as a one-time cost.

Last September, Clear up secured a €15 million loan from Tencent to assist the developer in self-publishing its games.

Taking a look at its current gaming portfolio, FBC: Firebr