# Eldest Souls

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

- Steam appid: 1108590
- Developer: Fallen Flag Studio
- Publisher: United Label
- Released: 2021 · Genre: Action · List price: $19.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $3.6k to $5.4k per month (mid $4.5k)
- Opportunity score: $6.7k/month at x1.50 dormancy multiplier
- Est. lifetime owners: 98.8k · Est. lifetime net revenue: $492.2k
- Review sentiment: 73% positive across 4375 reviews (3086 from Steam purchases)
- Review velocity: 36.0 reviews/month (6-month average)

## Why it's flagged

- Developer active, last post 2 months ago
- Last build shipped 3.5 years ago
- Last discounted 1 months ago, 7 sales in the last 12 months
- Proven demand elasticity: x1.9 review velocity during past deep sales

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $8.1k |
| After VAT / sales tax (-13% blended) | $7.1k |
| After refunds (-9.5% median) | $6.4k |
| Net to developer (after Steam 30%) | $4.5k |

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

21, 6, 30, 37, 63, 26, 43, 86, 28, 18, 33, 23, 31, 7, 45, 19, 51, 35, 24, 30, 41, 45, 24, 52

## Estimated acquisition range

$107.7k to $215.3k (2-4x the trailing net annuity of $53.8k/year). Same error range applies.

## Analyst notes (AI-assisted)

Eldest Souls is a 2D souls-like action game with boss-rush design and build variety, developed by Fallen Flag Studio.

A quiet performer earning $4.5k/mo with 72.8% positive reception and steady player engagement (36 reviews/mo). The title has shipped 98k+ units lifetime on a modest $19.99 price point, suggesting strong product-market fit within the hardcore action niche. Opportunity lies in technical fixes (controller support, UI/UX polish) and a potential New Game+ rebalance to unlock higher retention and secondary sales, rather than acquisition, the developer remains active and the game has room to grow without major content overhaul.

- Most realistic play: publishing
- Risk (tech): Player reports of broken controller customization, missing PS5 native support, and unpaused pause menu indicate technical debt that may limit console ports and accessibility, suppressing addressable market.
- Risk (market): Souls-like genre is saturated; Eldest Souls occupies mid-tier position with strong but not mainstream appeal, capping ceiling growth without differentiation.
- Risk (other): New Game+ progression bugs (broken bridge, unresetting flags) and late-game boss choreography complaints suggest balancing issues that erode long-tail retention and word-of-mouth.

What players are asking for:
- Native PS5 controller support and functional controller remapping
- Fix New Game+ progression bugs (broken geometry, flag reset)
- Late-game boss attack hitbox clarity and animation timing refinement
- Borderless windowed mode and proper pause-menu implementation

Suggested first moves:
1. Audit and fix controller input binding, PS5 native support, and pause-menu state management; prioritize console QA to unlock console revenue (key_share at 29% suggests key reseller demand, but controller bugs block console player conversion).
2. Coordinate with Fallen Flag on a balance patch for late-game boss hitboxes and New Game+ flag/geometry resets; market as 'refinement' update to reinvigorate reviews and boost residual to $5.5k+/mo.
3. A/B test a modest price cut to $14.99 or bundle deal (elasticity 1.9 suggests revenue-neutral or positive response) to boost sales velocity and reviews per month, capitalizing on existing 72.8% positive score.

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/1108590
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.