# SONG OF HORROR COMPLETE EDITION

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

- Steam appid: 1096570
- Developer: Protocol Games
- Publisher: 🚀 Raiser Games
- Released: 2019 · Genre: Adventure · List price: $29.99
- Deal grade: B (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $1.0k to $1.5k per month (mid $1.3k)
- Opportunity score: $2.7k/month at x2.10 dormancy multiplier
- Est. lifetime owners: 77.0k · Est. lifetime net revenue: $496.1k
- Review sentiment: 78% positive across 3077 reviews (1924 from Steam purchases)
- Review velocity: 7.8 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 4.5 years
- Studio inactive: no public activity across 1 tracked titles
- Last build shipped 4.5 years ago

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $2.3k |
| After VAT / sales tax (-13% blended) | $2.0k |
| After refunds (-9.5% median) | $1.8k |
| Net to developer (after Steam 30%) | $1.3k |

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

12, 20, 13, 10, 12, 13, 15, 14, 10, 6, 9, 17, 13, 9, 14, 11, 11, 9, 8, 6, 6, 5, 14, 8

## Estimated acquisition range

$30.3k to $60.6k (2-4x the trailing net annuity of $15.1k/year). Same error range applies.

## Analyst notes (AI-assisted)

A 2019 survival-horror adventure with Resident Evil-style mechanics, atmospheric puzzles, and a controversial randomized heartbeat death system.

Song of Horror generated ~$496k lifetime on 77k units at $29.99, maintaining $1,262/mo residual revenue despite zero developer activity for 54 months. The 78% positive score masks a known mechanical friction point (the heartbeat system) that prevents mainstream adoption. For a publisher or studio with horror credentials, this is a low-risk catalog add with modest ongoing cashflow and clear opportunity to revive via a patch addressing player pain points.

- Most realistic play: publishing
- Risk (market): Heartbeat mechanic review feedback suggests the game's tension system frustrates rather than engages a segment of the intended audience, capping ceiling for new players.
- Risk (tech): 54 months without developer communication; codebase health and compatibility with current engine/OS patches unknown.
- Risk (other): 37% key-reseller share indicates prior sales channel leakage that may constrain future pricing power.

What players are asking for:
- Heartbeat mechanic rebalance or toggle to reduce cheap deaths
- Quality-of-life UX improvements (save frequency, clarity on mechanic rules)
- New content or DLC story continuation

Suggested first moves:
1. Commission a designer audit of heartbeat system balance; model patch that allows difficulty toggle or mechanic softening, then A/B test with a free weekend.
2. Contact Raiser Games to confirm IP status and rights transfer timeline; confirm build access and source-code availability.
3. Analyze the 37% key-reseller split to understand prior retail channel; develop post-acquisition pricing and storefront strategy to protect margin without fracturing resale market.

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/1096570
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.