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Analyst Comment

Starbreeze: Free content update announced for PAYDAY 3

By Anton DamsténAnalyst
Starbreeze

PAYDAY 3 will receive its next update in November, which contains two free legacy heists and changes to the progression system. We welcome Starbreeze’s decision to provide players with free content to regain their trust and entice them to return to the game. It’s also encouraging to see Starbreeze address the players’ complaints regarding the progression system.

The update will reimagine two classic heists from PAYDAY 2, Cook Off and Turbid Station. The update also includes a new skill line, brand new first-person interaction animations, Infamy Points to heist payout, two new tracks from Gustavo Coutinho, and more than 200 additional bug fixes and improvements.

The update addresses the two main complaints players have brought up: too few heists and an unrewarding progression system. PAYDAY 3 was released with eight distinct heists (maps). Each heist takes 10 to 40 minutes and can be completed in different ways, creating replayability. However, eight heists can only go so far, and new content needs to be added periodically to keep players engaged. Providing two new free legacy heists is a good start. In addition to these heists, we also know that according to PAYDAY 3’s “road map,” the first DLC (downloadable content) is set to be released in winter 2023, with the second, third, and fourth ones released during 2024.

The criticism against PAYDAY 3’s progression system, which is used to unlock new weapons, masks, gadgets, and weapon accessories, was how infamy points (experience points) were gained. In PAYDAY 3, progress is primarily achieved by completing challenges rather than by completing the heists, such as in PAYDAY 2. This change led to complaints that the progression system did not feel rewarding and led to player fatigue. With the new update, players will once again earn infamy points for each completed heist. According to Starbreeze, the amount won’t be massive, but enough so that players will always make progress towards their next level.

Starbreeze operates in the gaming industry and focuses on the development, publishing and distribution of computer games and interactive entertainment. The company's portfolio includes both its own games and collaborations with other game developers. The business is aimed at gamers and distributors globally, with the largest operations in Europe. Starbreeze was founded in 1998 and is headquartered in Stockholm, Sweden.

Read more on company page

Key Estimate Figures2023-10-03

202223e24e
Revenue127.6612.9272.5
growth-%1.5 %380.4 %-55.5 %
EBIT (adj.)6.7366.5-17.8
EBIT-% (adj.)5.3 %59.8 %-6.5 %
EPS (adj.)-0.080.26-0.01
Dividend0.000.000.00
Dividend %
P/E (adj.)neg.0.4neg.
EV/EBITDA18.1neg.neg.

Forum discussions

Christoffer and Atte have prepared a new company report on Starbreeze after the Q3 results. \nStarbreeze reported Q3 revenue in line with expectations...
11/12/2025, 8:50 AM
by Sijoittaja-alokas
3
Hi! Our analyst Christoffer interviewed Starbreeze’s CEO today in connection with their Q3 report. Check it out here, the interview is in English...
11/11/2025, 3:05 PM
by Jesper Hagman
5
There isn’t much to share in the coffers; even those small amounts go purely into running the bureaucracy and finding a party that would then...
11/11/2025, 12:40 PM
by Arvuuttaja
0
Optimization would require expertise, and most of the Payday 2 developers left the company even before PD3’s release. Payday 3 and Baxter paint...
11/11/2025, 12:22 PM
by Trivial
1
And there are no changes in player data for Payday 3, so the promising start at the beginning of the year sharply turned back to its lowest ...
11/11/2025, 11:51 AM
by Arvuuttaja
1
Here are Jenneli’s quick comments on Starbreeze’s Q3 results. Starbreeze reported Q3 revenue in line with expectations, but adjusted profitability...
11/11/2025, 10:50 AM
by Sijoittaja-alokas
1
@christoffer.jennel has given his preliminary comments as Starbreeze reports its Q3 results next week on Tuesday. *The quarter is dominated ...
11/7/2025, 8:25 AM
by Sijoittaja-alokas
2
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