Hitman dev's new 007 game may not release until 2025 at the earliest

IO Interactive's latest financial annual report may give hints on release timing for its new projects.

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Hitman developer IO Interactive recently published its annual earnings report for the FY22 period on the Danish Central Business Register (CVR). While the numbers show IO is doing quite well with a boost in total revenues (538 million Danish krone, or about $72.7 million USD), there's a section that could give us a better idea on when the studio's next games will release.

The report specifically mentions how IO Interactive's earnings typically spike when the release a new game. In between the releases are major lulls in revenues as consumers move on to other games and IO starts working on a new project. This cycle of ups and downs is how the industry works for smaller independent studios like IO Interactive. The studio says the next lull will take place in FY24 and FY25, which could indicate that neither of IO's big new games will release until after March 2025 at the earliest (which is to be expected given their scale).

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The report also shows more interesting tidbits, namely an increase on external expenses, which is typically for game development spending, and an increase in amortization. These projects are amortized over many years and studios pay for game dev costs over a period rather than all at once.

Staff costs have also doubled as IO Interactive gears up its worldwide branches for these projects.

The revenue in FY23 is expected to be somewhere between DKK 450 to 500M. The expected result for FY23 before tax is DKK 250 to 300M

We had a couple of years with solid revenue and profits, due to launch of a title. There is a risk the next couple of calendar years, the EBITDA and profits will drop. This is due to long production phases ahead, before the next releases hit the market. More precisely fiscal 24 and 25 estimates show a significant decrease.

Right now IO Interactive is working on at least two games: Project 007, a massively ambitious new action game featuring a brand new James Bond built from the ground up specifically for the game, and an online game codenamed Project Dragon, a multiplayer game with a "new concept" set in a brand new IP.

"We have a third universe that we're working actively on, which is something a bit different, and it's absolutely a love child that veterans and core people have been dreaming of for a while in here," IO Interactive CEO Hakan Abrak said about Project Dragon in a 2021 GamesIndustry.biz interview.

Project 007 details

• Will be less violent than previous games
• Set in prequel timeline
• IO Interactive has sole rights to make 007 game right now
• MGM and Eon Productions are enamored with IO Interactive's idea
• Could be the start of a new trilogy of James Bond titles
• IO Interactive is doubling its workforce to work on the game