Larian Studios Posts Record €249 Million Pre-Tax Profit for 2023, Thanks to Baldur’s Gate 3

Larian Studios, the Belgium-based game developer behind the massively successful Baldur’s Gate 3, has reported an impressive €249 million (£207 million) pre-tax profit for 2023. This marks a remarkable turnaround from the company’s €214,000 (£178,000) loss in 2022, a feat largely attributed to the runaway success of its Dungeons & Dragons-inspired role-playing game (RPG).

According to financial documents disclosed by Larian’s holding company in Dublin, Ireland, and noted by local media The Irish Independent, the studio achieved a staggering €427 million (£357 million) in revenue in 2023, which is 20 times more than of 2022.

It’s important to note that, while the company’s main headquarters remain in Ghent, Belgium, it channels its revenue through the Dublin office, due to Ireland’s attractive tax benefits for game developers.

The publication also notes that approx. 15 million copies of Baldur’s Gate 3 have been sold since its release. While Larian has not officially disclosed specific sales numbers, its publishing director Michael Douse suggested in a February tweet that sales surpassed 10 million units.

Released in August 2023 for PC, followed by launches on additional platforms, Baldur’s Gate 3 not only achieved critical acclaim but also maintained its popularity well beyond its debut. Douse, recently revealed that the game’s average daily active users increased by 20% in 2024 compared to the previous year, and Steam peak concurrent players also saw a 3% uptick.

The game’s enduring appeal is bolstered by ongoing community support and updates which landed it a nomination for “Best Community Support” at this year’s Game Awards.

What’s Next for Larian?

While Baldur’s Gate 3 has been a landmark achievement, Larian is already looking to the future outside the Dungeons & Dragons universe. The studio confirmed that it is currently working on two new projects, both based on original intellectual properties (IPs). These games, described by the studio as its “best work ever,” aim to expand Larian’s reputation beyond the Baldur’s Gate series.

In a previous interview with IGN, Founder, and CEO Swen Vincke expressed optimism about the company’s direction, stating that Larian is now in a “luxurious position” to pursue creative freedom, debunking the idea of a conservative approach after investment by the Chinese conglomerate, Tencent.

The Irish Independent has confirmed that Swen Vincke holds nearly all the ordinary shares of Larian’s Dublin-based holding company. Meanwhile, Tencent holds a substantial portion of preference shares, which means Tencent does not have voting rights.