# Blacksad: Under the Skin

> ResidualPlay case file: an overlooked Steam game still earning residual revenue. Estimates carry a ±30-50% error range per title.

- Steam appid: 1003890
- Developer: Pendulo Studios
- Publisher: Microids
- Released: 2019 · Genre: Adventure · List price: $19.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $4.0k to $6.1k per month (mid $5.0k)
- Opportunity score: $8.3k/month at x1.65 dormancy multiplier
- Est. lifetime owners: 213.2k · Est. lifetime net revenue: $915.9k
- Review sentiment: 83% positive across 6945 reviews (5329 from Steam purchases)
- Review velocity: 47.0 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 17 months
- Studio quiet across its whole catalog
- Last build shipped 22 months ago

## Where a gross dollar goes (monthly, at current velocity)

| Stage | USD/month |
|---|---|
| Gross storefront sales | $9.2k |
| After VAT / sales tax (-13% blended) | $8.0k |
| After refunds (-9.5% median) | $7.2k |
| Net to developer (after Steam 30%) | $5.0k |

## Monthly review counts, oldest to newest (24 months)

33, 34, 26, 66, 68, 54, 23, 35, 27, 37, 44, 65, 40, 40, 56, 84, 50, 176, 46, 66, 45, 50, 42, 33

## Estimated acquisition range

$121.2k to $242.3k (2-4x the trailing net annuity of $60.6k/year). Same error range applies.

## Analyst notes (AI-assisted)

A noir detective adventure based on the Blacksad comic series, blending investigation mechanics with choice-driven storytelling in 1950s New York.

Blacksad has quietly accumulated nearly $916k lifetime revenue on 213k units with 83% positive Steam sentiment, yet earns only $5,049/mo residually and has seen zero sales in the past 12 months. The title remains a niche but stable performer with strong IP recognition among comic readers; however, Pendulo's fading studio status and the 21-month gap since last build suggest the project is dormant. Acquisition or publishing revival could tap latent fan interest (reviewers spontaneously mention wanting comic source material), though licensed IP constraints will limit full control.

- Most realistic play: licensing
- Licensed IP: the game is built on third-party intellectual property
- Risk (licensed_ip): Game is based on Blacksad comic series, likely owned by Juan Diaz Canales and Juanjo Guarnido or their publisher; rights to any sequel or major update will require renegotiation or may be expired.
- Risk (tech): Multiple positive reviews cite bugs and stability issues; engine or codebase health post-2019 is unclear given 21-month dev silence.
- Risk (market): Genre (choice-driven detective adventure) is crowded; title has never discounted (0% max discount on record), suggesting either strong IP premium or publisher reluctance to test price elasticity.

What players are asking for:
- Bug fixes and stability improvements (cited by multiple players as blocking enjoyment)
- Sequel or expanded narrative content leveraging comic canon
- QoL polish and UI refinement
- Cross-promotion or bundling with Blacksad comic editions

Suggested first moves:
1. Confirm current IP licensing status with Canales/Guarnido estate or current comic publisher; assess renewal cost and window.
2. Commission lightweight stability audit of existing codebase to quantify bug remediation effort and cost-to-release a patch.
3. Model revival economics: test whether a $9.99 price point or a bug-fix update would unlock dormant wishlists (velocity data shows occasional spikes; 176 sales in one month 6 months ago suggests demand is not extinguished).

Generated 2026-08-20 from public signals and player reviews. Directional, not diligence.

## Methodology

Units are estimated from Steam-purchase reviews times a release-cohort multiplier (Boxleiter method, 20-75x by year). Revenue uses an effective price (lifetime discounts and regional pricing) and nets out VAT (~13%), refunds (~9.5%) and Steam's 30% cut: roughly 55% of gross reaches the developer.

Source: https://residualplay.com/game/1003890
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.