• Record level of royalties at €5.7 million, up 52%
  • +61% increase in capitalized production
  • 8 projects under development in 2022

April 7, 2022. DONTNOD Entertainment, an independent French studio for the creation, development and publishing of video games, publishes the studio’s economic operating income (PEE) for its 2021 financial year.

Data currently being audited – In €m 2021 2020 Variation
Turnover 10.5 13.5 -22%
– including publisher royalties 4.8 9.7 -51%
– including Royalties 5.7 3.8 +52%
Immobilised production[1] 16.2 10.1 +61%
Economic operating income (EEP)[2] 26.7 23.6 +13%

Record level of royalties and 8 production lines in progress

For the 2021 financial year, DONTNOD Entertainment posted an increase in its economic operating income (PEE) of 13% compared to 2020, to €26.7 million.

The publisher royaltiesdown 51% to €4.8 million in 2021, are perfectly in line with the strategy geared towards co-production and self-publishing, which allows the Group to capture more value from original creations, while maintaining the entirety of the intellectual property within the framework of self-publishing.

The Royalties reached a record level at €5.7 million, i.e. growth of +52%, illustrating a very good performance of the back-catalogue with VAMPYRsold more than 2 million copies worldwide since June 2018. This co-production, definitively amortized on December 31, 2021, constitutes, to date, the studio’s greatest financial success alongside LIFE IS STRANGE 1. TWIN MIRRORreleased in December 2021, also contributes to the royalties for the 2021 financial year, thanks to the guaranteed minimums.

Finally, the immobilised production was up 61%, at €16.2 million, illustrating the ramp-up of 5 entirely self-published projects (4 developed in the studios in Paris and 1 in Montreal), the new co-production with FOCUS Entertainment ( project 8), as well as game Gerda: A Flame in Wintera co-production with the PortaPlay studio.

Considering the performance of economic operating income for the year, economic EBITDA[3] 2021 is expected to improve, reflecting the solidity of the economic model.

As announced (see press release of February 23, 2022), the company has decided to depreciate all of the development costs still capitalized as of December 31, 2021 by TWIN MIRROR, with an accounting impact of €4.4 million. Excluding this exceptional amortization, Economic EBIT[4] would have come out positive, with operating expenses under control and the rest of the portfolio producing the expected economic income.

Building a strong asset portfolio

In line with its long-term profitable growth ambition, DONTNOD continues to build a solid portfolio of assets with 8 intellectual properties including:

  • The development of 6 video games in-housewhose :
    • 5 self-publishing projects (Projects 7, 9, 10, 11 and M1 project developed in Montreal);
    • The ramp-up of Project 8 development with Focus Entertainment integrated into the new production line dedicated to the buoyant action-RPG segment.
  • Editing of 2 third-party studio projects developed in the form of co-productions where DONTNOD holds the majority of the rights:
    • Gerda: A Flame in Winterdeveloped by PortaPlay studio, scheduled for release in 2022;
    • The next game from Studio TOLIMA.

At the same time, DONTNOD will develop a new production chain in Montreal, specializing in narrative adventure games, in the wake of LIFE IS STRANGE. The studio will also strengthen its production capacity in the buoyant action-RPG segment through the launch of a new project.

Thus, the studio focuses its production capacity on self-publishing and co-production, which will allow it to retain the vast majority of the intellectual property and royalties of its projects.

Next announcement: 2021 annual results on Wednesday April 27, 2022 (after Euronext Paris market close).

About DONTNOD Entertainment

DONTNOD is an independent French publisher and developer based in Paris and Montreal, creator of original narrative games in the adventure genres (LIFE is STRANGETMTELL ME WHYTMTWIN MIRRORTM), RPG (VAMPYRTM) and action (REMEMBER METM). The studio is internationally recognized for its unique narrative experiences, featuring strong stories and engaging characters, and has worked with major industry publishers: Square Enix, Microsoft, Bandai Namco Entertainment, Focus Entertainment and Capcom. DONTNOD now aims to create and publish its own Intellectual Properties, developed internally as well as to share its knowledge and experience, in order to collaborate with third-party developers whose editorial vision resonates with that of the company.

Enter the immersive and innovative universe of the studio on the website

DONTNOD (ISIN code: FR0013331212 – ALDNE) is listed on Euronext Growth Paris

DONTNOD Entertainment
Chairman and CEO

Administrative and financial director
[email protected]

NEWS finance & communication
Analyst/Investor Relations
Such. : 01 53 67 36 77 – [email protected]

Anne-Catherine Hello
Press relations
Such. : 01 53 67 36 93 – [email protected]

[1] For costs incurred on co-production and self-publishing games until their release

[2] Turnover + capitalized production

[3] Operating income + Depreciation and provisions net of reversals + Video game tax credits

[4] Operating income + CIJV + CTMM (Video Games Tax credits)


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