# Paper Dolls: Original / 纸人

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

- Steam appid: 1051310
- Developer: Beijing Litchi Culture Media Co., Ltd.
- Released: 2019 · Genre: Action · List price: $16.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $1.6k to $2.3k per month (mid $1.9k)
- Opportunity score: $5.1k/month at x2.60 dormancy multiplier
- Est. lifetime owners: 177.2k · Est. lifetime net revenue: $647.3k
- Review sentiment: 84% positive across 4883 reviews (4431 from Steam purchases)
- Review velocity: 21.3 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 5.4 years
- Studio inactive: no public activity across 2 tracked titles
- Last build shipped 7.3 years ago
- No Steam discount in 4.0 years (deepest tracked: -0%)

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $3.5k |
| After VAT / sales tax (-13% blended) | $3.1k |
| After refunds (-9.5% median) | $2.8k |
| Net to developer (after Steam 30%) | $1.9k |

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

33, 20, 23, 28, 21, 18, 14, 30, 24, 29, 33, 28, 29, 28, 23, 17, 77, 18, 24, 20, 18, 21, 19, 26

## Missed seasonal-sale revenue (modeled)

Skipped 12 Steam seasonal sale window(s) in the last 24 months. Running a -50% discount in those windows is modeled at +$15.3k net in total, assuming a unit uplift of x3.0 (industry-typical for old catalog titles). Same ±30-50% error range applies.

## Estimated acquisition range

$46.7k to $93.5k (2-4x the trailing net annuity of $23.4k/year). Same error range applies.

## Analyst notes (AI-assisted)

A 2019 Chinese horror-action game built on paper-craft aesthetics and folk horror themes, generating ~$1,950/mo in residual revenue five years post-launch.

Paper Dolls maintains steady demand (84% positive, 21 reviews/mo, $647k lifetime) with minimal developer engagement since mid-2021, suggesting strong product-market fit in underserved horror niche. The title's cultural specificity (folk horror, non-Western narrative) and modest mainstream visibility create an acquisition or publishing revival angle for studios seeking IP with loyal cult appeal and low competitive noise. Caution: developer studio status and 5+ years of dormancy raise questions about backend support and IP clarity.

- Most realistic play: acquisition
- Risk (other): Developer studio marked as inactive; IP ownership and rights transfer terms require clear due diligence before acquisition.
- Risk (market): Zero sales recorded in last 12 months despite $1,950/mo residual, suggesting player base is stable but not expanding; revival would require fresh marketing investment.
- Risk (tech): No developer post in 65 months; backend infrastructure (servers, matchmaking, payment systems if any) unverified and potentially stale.

What players are asking for:
- Clearer progression guidance or in-game UI to reduce dependence on external guides
- Performance optimization or technical updates for modern systems
- Potential sequel or spiritual successor

Suggested first moves:
1. Verify IP ownership status, rights clarity, and any outstanding licensing or trademark claims through legal due diligence on Beijing Litchi Culture Media.
2. Conduct technical audit of client, server infrastructure, and platform integrations; assess cost to certify for modern OS and Steam runtime changes.
3. Survey retained player base via Steam comments and community channels on top friction points (guides, performance, features) to identify lowest-cost revival wins (QoL patches, in-game tutorials, localization expansion).

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/1051310
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.