- Hitman 3 sales have performed above expectations, leading to the highest revenue and profit numbers in their history, respectively ~78 million US dollars and 42 million US dollars.
- IOI currently has 3 projects in development: (1) live content for Hitman 3; (2) their recently announced James Bond game and (3) their unannounced IP, rumoured to be Project Dragon, developed for XBOX.
- For the development of these games, IOI is currently on a hiring spree, planning to increase in size from 200 to 400 employees over the next few years.
IO Interactive posted their annual financial report following the company’s general meeting on October 1, 2021. For financial year 2021 (FY21; from April 1, 2020 - March 31, 2021) IOI released the following record-breaking numbers:
- Revenue: 502.6 million Danish crowns (DKK), which amounts to roughly 78 million US dollars (USD). This is more than double the revenue IOI received following the launch of Hitman (2016) and Hitman: Absolution.
- Profit: 270.7 million DKK , which amounts to roughly 42 million USD . This is 6.5 times higher than the previous record from FY18 (40.9 million DKK → 6 million USD), after IOI became independent from Square Enix.
See figure 1 and figure 2 below, which I made to make comparisons with earlier years possible.
Figure 1. Revenue (black triangles), profit (black squares) and average number of employees (blue line) of IO Interactive from financial year 1999-2021. Entries into the Hitman series (*) are indicated, as well as the launch years of Kane and Lynch: Dead Men (KL1), Mini Ninja’s (MN) and Kane and Lynch 2: Dog Days (KL2). The IOI icon (in FY18) is when IOI announced their independence from Square Enix. *: abbreviations for the Hitman games are as follows. H:C47, Hitman: Codename 47; H2: SA, Hitman 2: Silent Assassin; H:Con, Hitman: Contracts; H:Abs, Hitman Absolution; H(2016), Hitman (2016); H2, HITMAN 2; H3, HITMAN 3.
Figure 2. Figure 1 but very roughly converted to USD, assuming a conversion rate of 1 DKK = 0.16 USD. Historically, the conversion rate of DKK to USD has been hovering from 0.15 to 0.20, so very large deviations between the estimates presented above and the actual revenue in USD are not expected.
IOI’s management attributes these strong numbers to Hitman 3 performing above expectation, having earned 300% of their initial sales budget. Previous entries into the Hitman series have also performed above expectation. Additionally, the report acknowledges that IOI developing and publishing Hitman 3 has ensured that all revenue flows directly to IOI, rather than to external partners and other publishers.
Currently, the average number of (full-time?) employees is 158, which is more than recent years but still not as high as during the development and release of Hitman: Absolution when IOI had 240 employees on average. IOI has been steadily increasing their number of employees, planning to double in size from 200 to 400 employees in the following years to ensure that the development of their James Bond game and their unannounced IP (‘Project Dragon’) for Microsoft runs smoothly.
Management expects revenue in FY22 to be 200-250 million DKK (30-40 million USD), which is roughly in line with IOI’s revenue in FY16/FY17, when Hitman(2016) released, and FY20.
All data was directly collected from IOI’s annual reports and was imported into GraphPad Prism for visualization purposes. As such, the numbers presented above are accurate.]