# SKALD: Against the Black Priory

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

- Steam appid: 1069160
- Developer: High North Studios AS
- Publisher: Raw Fury
- Released: 2024 · Genre: Indie · List price: $14.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $3.3k to $4.9k per month (mid $4.1k)
- Opportunity score: $5.3k/month at x1.30 dormancy multiplier
- Est. lifetime owners: 105.4k · Est. lifetime net revenue: $462.0k
- Review sentiment: 94% positive across 3607 reviews (3295 from Steam purchases)
- Review velocity: 37.2 reviews/month (6-month average)

## Why it's flagged

- Developer active, last post 4 months ago
- Last build shipped 18 months ago
- Store page localized in only 1 language(s)
- Last discounted 1 months ago, 12 sales in the last 12 months

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $7.4k |
| After VAT / sales tax (-13% blended) | $6.4k |
| After refunds (-9.5% median) | $5.8k |
| Net to developer (after Steam 30%) | $4.1k |

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

131, 68, 198, 144, 111, 94, 103, 164, 84, 45, 50, 52, 29, 42, 40, 40, 62, 70, 32, 52, 50, 23, 34, 32

## Estimated acquisition range

$97.7k to $195.4k (2-4x the trailing net annuity of $48.9k/year). Same error range applies.

## Analyst notes (AI-assisted)

A retro-style Lovecraftian CRPG with Commodore 64 aesthetics and tactical combat that echoes Ultima, released in 2024 by High North Studios under Raw Fury.

SKALD sits in a rare sweet spot: 93.7% positive reviews, strong residual revenue ($4,071/mo mid-case), and an engaged community that actively craves expansions or sequels. The game's compact scope (18 months post-launch, $462k lifetime) and one-studio catalog suggest it is not yet a known property in mainstream M&A circles, making acquisition or expanded publishing support undervalued. Best fit: a revival or sequel play for a publisher seeking to deepen the Lovecraftian retro-RPG niche, or licensing the IP to board-game or tabletop studios.

- Most realistic play: revival
- Risk (market): Retro-CRPG audience is small and self-selecting; elasticity of 0.57 suggests limited upside from discounting.
- Risk (other): Late-game combat repetition and brevity (15-19 hours) cited in reviews; high-engagement players want more, not more of the same.
- Risk (tech): One negative review flags poor Steam Deck feel; handheld performance may be a barrier to platform expansion.

What players are asking for:
- Longer game or sequel with expanded combat variety and late-game pacing
- More weapons, armor, and spell traders (RPG progression systems)
- Broader combat music library to reduce repetition
- Better Steam Deck optimization

Suggested first moves:
1. Conduct IP rights audit and confirm ownership chain (Raw Fury, High North Studios); if clean, model a sequel or spiritual successor with expanded combat/progression systems addressing review pain points.
2. Survey the community via Discord or Steam discussions on appetite for tabletop adaptation (board game, TTRPG source material); Lovecraftian retro aesthetic and tactical design map well to analog formats.
3. Pull 12-month discount history (12 promotions, max 50% off) and model pricing elasticity to test whether a deluxe edition or cosmetic DLC could drive incremental monthly revenue without cannibalizing $4,071/mo base.

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/1069160
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.