505 Games announces today that it has entered a new worldwide PC and console publishing agreement with Remedy Entertainment for a brand new game for PlayStation 4, Xbox One and PC, including Steam, across both digital and retail versions.
Founded in Espoo, Finland in 1995, Remedy is an internationally renowned developer of some of the biggest AAA video game franchises of the last 20 years, such as Max Payne, Alan Wake and Quantum Break. Over the years, Remedy’s games have received over 100 awards from various video game industry publications and organizations. Time Magazine awarded Remedy with the Game of the Year title in 2010 for Alan Wake.
The Group will publish a brand-new game by contributing €7.75 million in development funding and providing marketing and publishing services through 505 Games for digital and retail versions worldwide. The agreement includes a payment of 45% royalties on net sales.
The new game, codenamed “Project 7” (P7) is a cinematic third person action game set in a new Remedy-created universe. Featuring an intriguing story and a game structure offering a long-lasting experience, P7 contains the deepest game mechanics yet in a Remedy game. The game is built on Remedy’s proprietary Northlight technology.
“It is a sign of how far 505 Games has come that we are now in a position to partner with such a talented development studio as Remedy Entertainment”. – Commented Raffaele Galante, CEO of Digital Bros – “Our mutual life-stages, ambitions and business objectives are actually very well-aligned and we are excited to enter into what feels like a very natural partnership. The agreement fits perfectly with our strategy of continuous improvement of the quality and the potential returns of our portfolio.”
CEO of Remedy Entertainment, Tero Virtala, said “We have a strong vision of what P7 should be. 505 Games brings into this partnership experience and competences that help us successfully make this vision become reality together. Remedy is also investing in P7 and is deeply committed to creating an unique gaming experience that will keep the players engaged and playing for a long time to come. We are really excited to embark on this journey with 505 Games.”