By Sagar V. Mankar 
Paradox Interactive, the renowned strategy game publisher, reported annual revenue of SEK 2.2 billion ($201 million) for 2024, showing a 17% decline from 2023.
Despite the revenue dip, the company’s operating profit grew by 10% to SEK 721.4 million ($66 million), with an improved margin of 33% compared to 25% in 2023.
According to the financial report, the United States dominated the company’s market share with 86.5% of total revenue, while Sweden accounted for 2.97% and the rest of Europe contributed 8.7%.
PC gaming remained the company’s strongest platform, generating 87.4% of revenue, followed by console gaming at 9.2% and mobile at 2.3%.
The fourth quarter proved particularly strong, with operating profit soaring by 219% to MSEK 395.3, though revenues decreased by 29% to MSEK 709.1 compared to the same period last year. The company’s cash position remained healthy at MSEK 1,469.4 by the end of the period.
However, the year also faced challenges. As reported in their financial statements, the company took a SEK 208 million ($19 million) write-down in Q2, primarily due to the cancellation of Life by You and the closure of its developer, Tectonic. The company also sold back Mechabellum to its developer, Game River.
Game Releases and Performance
In terms of game releases and content updates, 2024 saw significant activity across Paradox’s portfolio. The company launched several downloadable content packs for its flagship titles, including Götterdämmerung for Hearts of Iron IV, Wandering Nobles for Crusader Kings III, and Grand Archive for Stellaris.
New releases included Tlatoani in Early Access and Space Trash Scavenger‘s full release under the Paradox Arc publishing label.
Haemimont Games Acquisition
Notably, Paradox announced the acquisition of Haemimont Games, the Bulgarian studio known for Jagged Alliance 3 and Tropico series. The deal, expected to close within days, includes both upfront cash consideration and performance-based earnouts. Haemimont Games will retain its current leadership and development team while continuing work on existing projects.
What’s Next?
Looking ahead, Paradox is focusing on strengthening its core business in strategy and management games. CEO Fredrik Wester explained, “We have worked on strengthening our publishing, reorganizing our work with third-party development, better managing our risk-taking, and creating the best conditions for our own development.“