Hello, everyone. And thank you for joining Remedy Entertainment Webinar. My name is Felipe Kapolekanajo and I manage the Investor Relations at Remedy. Today, we will go through Remedy's half year report for the first half of twenty twenty one. With me are Tero Vyrtala, Remedy CEO and Tero Hikaupi, Remedy CFO.
We will have a Q and A session after the presentation. Tero, the floor is yours.
Thank you, Welipekka. So good morning to everyone. Also on my behalf, I'm Tera Virlpalat, the CEO of Remedi. So let's now talk shortly on Remedy's key developments during the Q2 of 2021. Our revenue in the second quarter was 9,400,000, a slight increase to the comparison period in 2020.
Our operating margin was on a good level, euros 2,300,000 being almost 25 percent of our revenue. In relation to the And key event, we signed a co publishing and development agreement with our trusted partner 505 Games to expand the world of control to a spin off game, Condor. We also agreed on collaboration terms for a future Bigger budget control game. Then in relation to our Overall developments that we have taken in the Q2 as we are taking overhaul during this year. An important context are our long term growth plans.
The actions that we have taken also in the second quarter are taking us towards these objectives. So as a recap, by the end of 2025, we aim to create Several successful games and at least one major hit game, a game that can reach the global top selling charts. We will own at least 3 expanding game franchises, all which will have long term hit potential for the games that they are producing. We are continuously, in order to capture more value in the long term, Building our capabilities so that we can select the right commercial model for each of our future games. For some of these games, It will mean working with the right publishing partners for that specific games.
For some of our future games, the model will be more self financing and self publishing. At the heart of our operations and the key ingredient of The success in the video gaming industry are the talents, the development talents, the creative talents that we need. We have systematically been developing the organization, our leadership models, our personnel development paths, In order to be the most attractive employer in the video gaming industry in Europe, And to read these objectives, we are all the time paying attention that we are a profitable and Growing business in which we also manage our risks well. Then when we look at our current project portfolio, again, an important context when we look at these slides Is to bear in mind that strengthening the multi project capabilities, building new world class development teams, Expanding our game portfolio, these all have been key operational focuses for us for years. And the reason is that In AAA Games Business, building these capabilities, capabilities to develop multiple games, high quality games simultaneously, To have a multiple really high class leadership teams for these projects, It's not easy.
It takes a lot of time for any company in the world, be they the biggest companies in the industry or the more flexible indie developers. This takes a lot of time and due to this, When we have the multi project model in operations, when we have more high class core leadership teams, development teams with We can utilize our creativity and develop those high quality games, the stronger we are. These are really hard to copy competencies, and we see that they are some of the key ingredients that will give us valuable competitive advantages As we move further in our plans. And the good thing is that we have advanced well in continuously strengthening This multi project competencies and development teams. A good perspective to this is that 5 years At Remedy, we had 1 larger team, and at that moment, we started to plan the second game that we could start developing simultaneously.
Now, at the moment, 5 years later, we have teams with which we are working on multiple very promising games in partnership with our trusted partners. We are still working on Control. We just announced a deal how we are expanding the world of Control to Condor, a spin off from Control. And we also announced that in the very early In the inception phase, there is a bigger new control game. We are working on Crossfire store remotes in collaboration with Smilegate.
We are progressing with the 2 unannounced projects with Epic Games, and our free to play co op game Vanguard is progressing as well. And when we look at this slide, it's also good to note that While we are taking this project further and have been taking the projects further now for years, we are at the moment approaching a phase where we are able to launch into markets also new games more often and more regularly than we have been doing in the past. And this is one of the key steps also in reaching the long term objectives that we are aiming at. Few words on Control, the first of these franchises that we are working on. We already said At the end of 2020, that Control had reached over 2,000,000 sold copies, which, of course, is a really good achievement in itself.
The good thing is also that control has continued to sell well, and we have systematically been expanding Roll up both the new platforms that have been emerging from the next generation or new generation console platforms to different streaming services, And also to other type of services that are now coming, subscription services, new storefronts for selling these games. And these developments, they are all the time bringing us learnings that we can utilize when the industry is going further every year. These type of deals quite typically bring us also additional business to business revenue, so innovate fees from this partnership. And we are also reaching new audiences and building a stronger brand awareness for the future control games to come. A good example how we have succeeded that at the moment there are already over 10,000,000 players that have tried and played Control.
And the idea of building the audience is an important step in increasing the bifurality with the game, which Supporting the continuous sales of Control, but it's also building the audience for the future games to come. Then, as said, Condor, we just announced at the end of June a co publishing and development with 505 games on Gondor. Gondor is a multiplayer spin off game in the world of control. It's going to be a 4 player cooperative player versus environment game, and it's meant for console and PC platforms. Business wise, the initial development budget agreed is going to be €25,000,000 Dean is referring that this is going to be a longer service based game.
So we are first, of course, aiming at the launch phase, and after that, The idea is that service based games will continue to develop. The development and marketing investments are going to be shared fifty-fifty, Internet revenues are going to be shared in the equal amount, fifty-fifty. We, which is clear Remedy will retain all the IP ownership. And in addition to Condor, we also announced The collaboration terms for future bigger budget control game have been agreed. An important thing is that to us, This has been clear all the time.
But I think that for the external audiences, this is also an additional pool Well, Remedy's capability is to create franchises that are not just individual games, but they are bigger worlds that can expand to multiple meaningful high quality games. At the same time, the deal with our partner 505 gives us the possibility To take a bigger role in the publishing and commercial operations than we have had in the past and in this manner also takes us further as a company. For Crossfire, this is an exciting year. We have collaborated for a long Time with Smilegate to develop store remotes for Smilegate's big crossfire multiplayer U verse. This year, 2 story modes that Remedy has developed are expected to launch.
First of all, there is the Crossfire, The original game that has been developed by Smilegate with Tencent. For PC, the main focus of the game has been in China. And Crossfire HD continues the Crossfire experience. The multiplayer part has already been available from the early summer 2021 in the Chinese market. And now the expectation is that the store remote will expand the game Developed by Remedy and will launch in 2021.
Smilegate has also been collaborating with Microsoft For Crossfire X, a game, a Crossfire game for Xbox platforms. And the expectation is that this game will be released in 21 and will include the store remote created by Remedy. So an exciting year overall. We have now collaborated with Smilegate for 5 years. And at the moment, our full focus is ensuring successful launches of these games and our In relation to the 2 unannounced games with Epic Game Publishing, The projects are proceeding.
Basically, the business terms are as they have been. Of course, nothing has changed with those. The bigger game in the Q2 of 2021 has now advanced into full production mode, and the smaller game continues in the full production mode as it was previously. In relation to Vanguard, Vanguard being the long lasting service based Cooperative multiplayer game that we have been developing with a small team very iteratively now for a couple of years, That has been progressing well. We are being cautious how we advance.
It has been a new type of For us, it has brought us a lot of learnings. We are now utilizing some of these learnings also in Contour. But Vanguard It's showing promise, but it's still in an early phase, development phase, being a free to play multiplayer game, service based A lot of new elements. The development is progressing, and we are now in a phase where we have been able to do Selected internal and external playtesting, and we are continuing with those developments. Then outside of our projects, what we have been doing all the time To develop our development, to take further our development competencies, multi project competencies, And have a lot of focus on the creative talents we have.
We now have almost 300 internal Remedy talents. And in addition to recruiting these people to Finland, we, in early 'twenty one, started piloting and evaluating new ways To attract and recruit talent that will be placed permanently outside of Finland. This has been a I would think first to ensure that we are able to attract exactly the right type of talent, we are able to onboard them into our development Teams in a way that the team effectiveness is not heard, and the early results have been good, And therefore, we are now continuing with these developments. And being now already a 300 Person Studio internally. This is already quite a remarkable size for an independent AAA developer.
We see this development of also putting more effort into recruiting people that will be based outside of Finland As an important additional step in making sure that Remedy continues to attract the best talent also for our future needs. In addition to that, we have also continued to develop our skills and partnerships with the external developers. As we said already at the end of 2020, in 2020, we had over 300 external talents working for our game projects, and we have been taking this further all the time. In addition to this, we are continuously developing all the time Our production capabilities, the Northlight technology, our people, teams, how we work in these teams. And the developments we have done at this moment, They have been good.
We are happy with these developments. And again, they are steps that further strengthens And since what makes Remedy so special and what makes Remedy to stand out in the video gaming industry? We are a category defining creative super developer. We have the unique abilities to create world class gaming brands and franchises With the world, stories, characters, the type of gameplay that we make. And out of these franchise, we have shown that we can develop distinctive benchmark setting games.
Operationally, business wise, people wise, We are a professional multi project developer. And now commercially, with our capabilities, we are developing and have been developing to a direction We are able to select for each game what is the best model to commercialize that game. Is it via self publishing or with some games partnering with the publishers. And we are a highly attractive home to world class talent. We have seen that during the past years, and now we are taking the next steps to make sure that when we continue to grow, This also remains a fact.
And at the same time, when we do all this, we are a profitable growth company that also manages its risks well. So These have been the main events during the Q2 of the year. And at this moment, let's talk a bit more on the Financials, and I'll handle I'll give this over to our CFO, Peri Gaupi.
Thank you, Tero. Yes, good morning, everyone, and let's Look a little more into our finances. We had a slight increase in revenues, both in Q2 and in the first half of twenty twenty one. And that was the result of us receiving more royalties in this comparison periods. Our EBIT was SEK 2,300,000 and that's 24.5 percent of revenue in quarter versus EUR2.1 million and 22.9 percent in the comparison period.
So we could Actually increase our EBIT by 10% in Q2 and we operate on a good margin level. For the full 1st 6 months of this year, the EBIT was 3,200,000 and the margin was 18% of the revenue. Operating cash flow was negative by €1,000,000 in quarter to and positive SEK 3,000,000 for the 1st 6 months. So in the beginning of full Year, we could generate SEK 1,800,000 more of operative cash flow than in the comparison period. But we need to remind ourselves that the timing of the payments from our publishing partners do affect the operating cash flow significantly from period to period.
So We have progressed in a sustainable way and gotten to profitable growth track. We have been able to grow our revenues in about 10 years to 10 times more and with a sustained profitability level. 2020 was a record year for us. And now going forward this year, we actually are in about the same level of revenue where we were last year at this time. And our aim Is to change or at least to even out this historical pattern of profitability linked to game launches.
And we can do that by operating efficiently in this multi project model. Yes. Our net sales were increasing a bit during the first half. And as said, One of the reasons was that or the kind of main reason is that Control continues to sell well And we continue to receive a good amount of royalties from that. We do also receive Development fees from our partners.
We are receiving them from Epic for 42 games Projects going on forward well. And also now, we received development fees from 505 since we agreed the new project Condor in the end of June. Subcontracting work has been more on a kind of lower burn side since Like I mentioned, we are waiting for the launches during this year in that scheme. Yes. And we have been able to increase our staff.
During the quarter 2, we could actually increase our headcount from 281 persons to 293 persons. So by 4% in only 3 months. That of course affects the personal expenses cost base. But the largest difference In the cost base within staff expenses comes from our bonus accrual method change. So in our current mode, we are calculating the full year of bonus amount and we are accruing Now based on the time elapsed, half of that in the first half of this year.
It had about a €1,000,000 effect on our EBIT. And we are not releasing any adjusted numbers. But if we would have continued with the old model, Our EBIT would have actually increased by 30% in this first half. External development fees, What we pay to our subcontractors, we're in about same level as in the comparison period. But in proportion, we saw Increase in other operating expenses.
And that's because the COVID situation affected the comparison period even more than it does now, the operations level. So we invest in the future and that shows in the fact that we have 74% more CapEx than in the comparison period. And the majority of the CapEx is from the product development capitalizations. And the fact that we have been now working more With our own owned IP projects means that we have more capitalization eligible project work. So it shows also here.
So talking about the new deals and And then the partner terms. So we need to be very clever to have smart partnering structures on a portfolio level. And in one side, when balancing risk and reward is then the self publishing model where we could get The full reward but also the risk is higher. Then kind of on the other hand is the subcontracting work where Both the reward is more limited but so is the risk and it's still a good business. And in between these two, We have currently projects with 5.45 Games and Epic Games where we own the IP and then we share both the development, the investment with the publisher and then we share also the revenue and returns.
So overall, the partnering terms affect our growth and profitability in a significant manner for years to come. Yes. So overall, we are in the strong position for the future. And as I'm speaking, I'm also clicking through the different game and revenue and partnering models we could have. And it's clear that we have potential for growth and EBIT.
And this picture is kind of one illustration of future scenario for Remedy, a realistic one. And if one of these games becomes a big hit, as we of course aim at, then this picture could look even prettier. So there is a lot of potential and I'm especially happy that we are now having an excellent Cash position to invest in these factors that really enable us to grow and also then boost
Yeah. So just on the outlook For the rest of the year or the full year 2021, the outlook remains unchanged. So as we have said, we are continuing according to our long term growth plans with the name that we can launch at least 1 game Every year. We are now expecting the launches of Crossfire HD Store Remote and Crossfire X to happen later this year. And overall, 2021 is looking to be a good year.
As we have said previously, we are expecting our revenue and EBIT to grow during this year. Majority of the full year growth is expected to happen now in the second half of the year. So that's it on the Key developments, key financials and Pelipeka, I think time for Q and A.
Thank you, Tera and Terri. If you want to ask questions, you can type your question into chat or to the Q and A section or request a speaking turn by clicking raise hand in Zoom. If you are participating By phone, you can dial star 9 to request for a speaking turn. We are now ready for questions, I can see that we've already gotten some. There are a few questions in the chat.
Maybe we could start off by those. There's a question about our expectations for control for the second half of the year. Do we expect Control to grow revenue year on year? Maybe Tero or Tere, can you comment on that?
Yeah, so well, first of all, neither us or our partner 505 Games Have announced anything on any potential future expansion. So we currently have the main game Control and to sellable DLCs expansions for the game. Nothing more has been announced. Then we still need to remember that in many terms, control is not the service based game. It's more like the traditional product.
We are happy as a first step that we could take with Control. It's now much more versatile game. It As the site missions, there are much more reasons for people to replay the game, in a way discover again the areas of the game, Get back to the game. And in that sense, it was an important development for us as a company when we are taking our next games further, But at the same time, it's more like a product. So when we originally made Control, we didn't expect Control to Sell for a long time.
Now what we have learned during the past couple of years, that when the industry is growing, when there are new platforms, The highest quality games also as products keep on selling for a long time, and Control is a good example of that. Control sold well in 2020, in a very long time after its original launch. Now Control has continued to sell well during this year, And we are expecting this to be a good year for Control. However, when it's not a service based game, We don't have this type of expectations like we could have for some service based game that year on year they would continue to grow for a long time. So overall, we are, I would say, having, in a way, good expectations for the control sales this year, But not innovate overhyped that some of the service based games could have.
Thank you, Tharo. There's a question for Tera here. How much revenue do you have from Asia today? If I understood if I remember correctly, we haven't disclosed our geographical distribution.
Yes, that's correct. So we are not giving out that kind of detail. And overall, For us, what we receive the revenues from is through publishers. And so that is the kind of the main level of visibility what we have overall. But surely, at some point, we might be able to give you more details around that, but That's not the time yet, unfortunately.
Thank you. Yes. And I could then continue also with But without going into details, what we have said already years ago, that traditionally our main focus has been in the Western markets, Europe and North America. But as we are now progressing as a company, of course, we understand the Innovate giant size of the Asian gaming market. And when we go further, especially with the service based games, We think that Asia most likely in the long term future will also provide more opportunities for us.
Thank you. Then there's a question on talents. Do you have enough talents to work with all the titles in the pipeline? Or do we need to hire more people?
Well, the good thing is that we are now starting to see the economies of scale. When we look at our longer Development percentage wise, we had to hire more people in the earlier years of our past 5 year development. In a way, 2017, 2018, 2019, in proportion to the previous years, in a way, the growth was even more. So the good thing is that we are now starting to see certain economies of scale that when we have centralized teams, the technology Teams, we are step by step able to serve more ongoing projects with these centralized teams and don't need to hire every single position in the new projects that we are having. Having said that, in a way, this is a talent driven industry in In many ways, so yes, in order to fulfill the aims, the long term aims that we have objectives for our future quote, We do need to continue hiring all the time.
If I remember correctly, we even at the moment, we have 25 open positions for the new talents for our future projects. But fortunately, we have been able to Succeed well with these initiatives during the past years, and I'm not worried that we would not be able to continue do that. We are putting a lot of effort into that, but still in proportion to our size, it's not in a way a major In order to complement the needs of our projects, as I said earlier, we are also having a lot of focus in the Development capabilities, so that we could be especially focused on the creative parts of the games that We are making on the most critical areas that really make those games stand out, and then we can utilize high quality development borrowers To give us even more muscle to innovate due to heavy lifting with some of our projects on the innovate important areas, But maybe still more doable also by external partners than our talents. And Then another good point to remember is that even though we have, you know, we have multiple projects in the move, The idea is that we aim to have those projects in bit different development phases.
Some of our projects Like Condor, the new innovate game in the world of Well, it's in the very early phases, and we can progress with these projects with fairly small development teams. Vanguard has progressed for a bit longer time. It has now approximately 30 developers. And then we have some other projects, It's like the bigger project that we are now doing with Epic Games that is now in the full production modes. And then we start talking about big amount of also internal developers that we are having.
So we would not be able to have 4 or 5 projects in full production mode at the moment, but when we smartly design and face these projects, We are able to innovate, take them further, and at the same time, innovate, hire, build new development teams, build new core leadership teams, Hire new developers and use more of the external development partners in order to increase our future capabilities.
Thank you. We've had actually a couple of questions regarding The number of people required to projects, there's one question on specifically on Condor that how many people do we expect to be working on that game. Can we Tell a little bit about how the staffing in general goes for these projects.
Well, We can't talk on exact numbers on our current projects, how many people we have. We can't talk exactly On the amount of developers, we have planned for an individual game that we have in development. What we can, in general, say that control still keeps quite a good Mark, ballpark figure or comparison point to our projects. Control was a new type of game for us and It ended up being a very high quality game, a new franchise, in a way, an Award winning game that became game of the year in 2019 globally. And it took us altogether 3 years to develop approximately €30,000,000 And Control was still Very much a single player game.
And in its highest peak times, the internal development team size was approximately 100 people. So that in a way for this type of single player, a bit more story focused game, which still have A really meaningful and strong action gameplay part. It gives a good comparison point. Now when we go further as a company with Some of our future games, most likely the budgets in a way may slightly increase when we in a way know what we are Exactly doing, and our capabilities then to manage these projects are growing. Then we have a different group of projects, which are the more service focused multiplayer games, where we can evaluate that what's going to be the So called initial development budget, the development budget that we need to make the minimum viable product that's still very high quality game, But the game that we can launch, and after that continues the live phase, which is going to be continuous development, Hopefully for a long, long time, because the longer we develop, the longer it means that these games have succeeded and justified the development.
Condor, as an example, we have said that the initial development budget with 505 games is €25,000,000
Good. Then some condo related questions. Can we give some indication of the monetization model of control? Is it based on purely on in app purchases or game subscription or is there an initial game purchase also involved?
Condor is an early phase project, and we haven't yet disclosed any information with our partner 505 Games on that. Fair enough.
On then on the larger control project with 505, We have we announced in June about this preliminary deal as well. What is the typical time like before these collaboration terms being set and a more detailed project agreement. Is it few months or year or how long?
Well, I don't think there is any typical time in the industry. It always depends case by case. In a way, We, of course, when we announced that collaboration terms have been set for a bigger budget The future control game, in a way, it's with a trusted partner 505 Games, with whom we have collaborated for a long time. So in that sense, in a way, both us and 505 games were confident to disclose These collaboration terms have now been set. When do we have, in a way, the more detailed agreement and more info to be shared?
We cannot yet, in a way, talk in detail on that or start to speculate on the timeline.
Good. Then earlier we said that it's our ambition to launch one new game or an expansion per year. There's a question, does the launch of Crossfire satisfy this even though it's not our IP?
Well, definitely, definitely Crossfire. We have been working, we have been making big store remotes In a way, and really high quality store remotes for the Crossfire Universe. We have been working on those For the past 5 years now, when they are coming out, definitely they are in a way meaningful and remarkable In a way, Lutz is also for us.
Good. Then there's in the Q and A section. Thank you, Tero and the team for a very good quarter again. About Vanguard Development, what platforms does that cover? Free to play is a new thing for Remedy as far as understood and requires substantial knowledge in Business Intelligence and Analytics.
Does Remedy already have those skills? Or are those within Vanguard's realm? So something that the team should take into.
That's a really relevant question. And yes, definitely, when we are going to free to play, the mentality It's partially different than it has traditionally been with the product based businesses. So yes, We, in a way, when we have been building the Vanguard team, it has been, I would say, quite a managed initiative where we have taken selected Existing Remedy talents and experts in areas that we believe can give competitive advantage to Vanguard In relation to the world building, in a way, certain narrative elements, how we build this world, certain action gameplay mechanics We see that Gigan can give the additional edge to the game. But there has also been a big push To find exactly the right people outside of Remedy that will bring us this innovate multiplayer expertise, service based But this, the live operations understanding the iterative, even more iterative game development The approach that we have had traditionally, and game analytics has, of course, been one of these areas. So what we have been doing is to really openly seek, in a way, external talents that can We have brought additional skills to Remedi.
We have been systematically building those further, both internally and Also selecting external partners with whom we are partnering in these areas.
Good. Then one at least one more question. Could you expand on what The European hiring pilot program entails. Are these hiring new hires working somewhere in Europe or are at our headquartered in Espoo. And do we need another European Mainland studio?
Well, the background is that we are now 300 people. And when we look at the In a way, AAA gaming developers in the world, of course, with some of these big publishers, you see studios of, you know, by thousands of people, But they are still not that many. When we start talking about the sizes of 300, 400, 500 People AAA Development Studios, it's already of remarkable size, and the possibilities with this type of studios are quite big. Some of these studios in the world, they focus on 1 single huge game. Some few ones, like Remedy, Have been able to build the multi project model so that they would have multiple well working high quality Teams and the possibility to work on multiple parallel games.
And we are taking that model further. Now with 300 people in order to manage these multiple game projects, one of the ideas has been that as a company management, We are able to give this project certain high level objectives. We are able to set certain good benchmarks as guidelines. But in order for these projects to progress well, we need to make these core leadership teams for these individual Projects even more autonomous and independent, give them more power and set them then certain in a way midterm goals that we are following And being able to support these goals, that they have all the means to reach these sub goals. But now when we have been able to progress with these plans, Many of these teams are really working as more autonomous and independent teams.
It's no longer, Therefore, even that important that all these teams in the long term would be exactly based in our one location in Espoo. For some of these It's going to be. And now, in a way, we were preparing for that already before the COVID time that at some point, how could we utilize Then, Solino Way's skilled talent, even if they would not be based in Espoo. And Even though our recruitment has worked well, it's understandable that the world class creative talent that we are looking from all over the world, In a way, some of them have the possibility to move into Espoo, and we have been succeeding with that. But of course, we are every now and then facing Wei said that the potential, in a way, new recruit would really love to come here, but for some personal reasons or for Family Feasons, eventually, the move into Espoo will not happen.
And now when we look at our next step As a development as a studio, when we currently are 300 people, we continue hiring people that we will bring to Finland and export to our head Waters. But at the same time, when we have been now able to develop these more independently functioning, more autonomous teams, In a way, during the COVID times, we have been able to develop, of course, as any successful company, the remote working capabilities to a new level. It, in a way, was an opportunity for us now to start piloting and testing the opportunity of actually more openly, In a way, presenting the possibility of working fully remotely for some of the new recruits that we have had. We have been now testing that, Taking the approach that we always take that in a way the most important thing are our people and the progress of high quality game development projects. And we cannot separateize, innovate, the progress of these projects.
Therefore, we took, in a way, I would say, very small steps in the early phases, Hiring 5 people, hiring 10 people, in a way, taking some months to onboard these people, asking From the project leadership teams that what's their evaluation, how well are the projects now progressing when they have bit more people working In a way outside of Finland. And the experiences and developments we have done, they have been good. So that's also innovative reason that we are now willing to say it aloud, that we have been piloting that it has been working well, And now we continue in the next step with that. The main focus at the moment has been to find world class Talent that is based in Europe and wants to stay in Europe. And that's again to ensure the In which our project teams are working.
We haven't yet disclosed in more detail In what countries, in what cities, our main focus so far has been. But then when the time is right, We are very likely to, in a way, announce a bit more. We are, in a way, reserving that info also partly For the sake that we know that as a Remedy, when we first time come out with the information that we are actually hiring more people in this city, It will be good news in the gaming industry. And that's a possibility then at that moment for us to reach Even more potential candidates in these cities and these countries. So we want to maximize the visibility at that moment, and then be able to Fulfill even more open positions that we have.
Thank you. Thank you, Tero. One more question from the chat. So with the news from China regarding games, Can you say anything how it's affecting Remedy?
No, we have Really strong and experienced partners. In a way, Smilegate, Smilegate working with them. And in a way, They are more than InnovacxP Freanced and deep in that market to make sure that Crossfire has this potential. And in a way, it's not up to us to start commenting on those. And we are confident Our partners know exactly what they are doing and how they are doing it.
Good. Thank you. Thank you, Tero. Thank you, Terje. I think we have now gone through all the questions.
So and thank you also all for the call and the questions. We will be back with the next earnings webinar on November 12. That's all for now. Thank you.