# Hashihime of the Old Book Town

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

- Steam appid: 1039940
- Developer: ADELTA
- Publisher: MangaGamer
- Released: 2019 · Genre: Adventure · List price: $34.99
- Deal grade: B (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $2.6k to $3.8k per month (mid $3.2k)
- Opportunity score: $4.2k/month at x1.30 dormancy multiplier
- Est. lifetime owners: 25.5k · Est. lifetime net revenue: $191.6k
- Review sentiment: 96% positive across 685 reviews (637 from Steam purchases)
- Review velocity: 17.0 reviews/month (6-month average)

## Why it's flagged

- Developer active, last post 0 months ago
- Studio active elsewhere (2 titles tracked), so this one may welcome a partner
- Last build shipped 30 months ago
- Store page localized in only 3 language(s)
- Last discounted 0 months ago, 7 sales in the last 12 months
- Proven demand elasticity: x1.3 review velocity during past deep sales

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $5.8k |
| After VAT / sales tax (-13% blended) | $5.0k |
| After refunds (-9.5% median) | $4.6k |
| Net to developer (after Steam 30%) | $3.2k |

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

19, 7, 7, 6, 16, 12, 9, 17, 13, 12, 12, 7, 8, 11, 10, 8, 11, 9, 11, 33, 22, 11, 9, 16

## Estimated acquisition range

$76.7k to $153.4k (2-4x the trailing net annuity of $38.4k/year). Same error range applies.

## Analyst notes (AI-assisted)

A literary adventure visual novel set in 1920s Japan, blending occult mystery, time travel, and romance with elaborate branching narratives.

Hashihime shows strong community retention (96.5% positive, 17 reviews/mo despite 30 months post-launch) and healthy residual monthly revenue ($3,196/mo mid estimate) from a niche but engaged fanbase. The title remains commercially quiet ($191,635 lifetime net across 25,480 units) but stable, making it an attractive catalog acquisition for publishers seeking steady-revenue visual novels or a revival candidate if marketing or platform expansion (console, mobile) can unlock dormant demand. ADELTA's single-title studio status and MangaGamer's publishing presence suggest the IP may already have institutional support.

- Most realistic play: acquisition
- Risk (market): Visual novel category has narrow mainstream appeal; 96.5% positive score reflects core fan satisfaction, not volume growth.
- Risk (tech): 30-month-old engine and asset pipeline may require modernization for console or mobile ports.
- Risk (other): ADELTA is a one-title studio; no post-launch support or DLC roadmap evident, reducing long-term engagement hooks.

What players are asking for:
- Physical or book adaptation (fans cite narrative length and repetition as candidates for condensed format)
- Console ports (especially Switch, given visual novel demographic overlap)
- More character-focused side stories or epilogue content

Suggested first moves:
1. Audit MangaGamer publishing agreement for territory, format, and merchandise rights; confirm whether console/mobile ports are contractually available.
2. Model port economics to Switch and mobile (iOS/Android) using comp titles (Coffee Talk, Disco Elysium); visual novel category shows >2x uplift on Nintendo platforms.
3. Initiate soft outreach to ADELTA to explore acquisition or co-development partnership for post-launch content (side story, artbook, or prequel novella) to sustain monthly review velocity and community sentiment.

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/1039940
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.