# Chicory: A Colorful Tale

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

- Steam appid: 1123450
- Developer: Wishes Ultd.
- Publisher: Finji
- Released: 2021 · Genre: Adventure · List price: $19.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $2.4k to $3.7k per month (mid $3.1k)
- Opportunity score: $5.0k/month at x1.65 dormancy multiplier
- Est. lifetime owners: 108.7k · Est. lifetime net revenue: $541.7k
- Review sentiment: 97% positive across 3985 reviews (3396 from Steam purchases)
- Review velocity: 24.5 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 19 months
- Studio active elsewhere (3 titles tracked), so this one may welcome a partner
- Last build shipped 30 months ago

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $5.5k |
| After VAT / sales tax (-13% blended) | $4.8k |
| After refunds (-9.5% median) | $4.4k |
| Net to developer (after Steam 30%) | $3.1k |

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

27, 80, 32, 44, 48, 46, 45, 46, 25, 49, 56, 71, 46, 30, 32, 37, 44, 47, 22, 31, 28, 20, 19, 27

## Estimated acquisition range

$73.3k to $146.5k (2-4x the trailing net annuity of $36.6k/year). Same error range applies.

## Analyst notes (AI-assisted)

A hand-painted adventure game where players color the world while uncovering a story about self-doubt, creativity, and purpose.

Chicory maintains a 97% positive ratio and $3,053/mo residual revenue nearly three years post-launch, suggesting durable appeal and strong word-of-mouth retention. The game's intimate scope, acclaimed soundtrack (Lena Raine), and thematic depth around mental health position it as a catalog anchor for indie-focused publishers or a licensing candidate for adaptation. Growth is quiet rather than declining, making this an ideal watch for revival campaigns tied to mental-health initiatives, educational partnerships, or merchandise/audiobook IP extensions.

- Most realistic play: watch
- Risk (market): No discounting history and zero sales in the past 12 months suggest the game has reached saturation within its core audience; expansion beyond indie/art-game enthusiasts may require platform marketing support.
- Risk (other): Developer silent for 18+ months; studio status is 'operating' but low update cadence raises questions about capacity for ports, sequels, or co-marketing.

What players are asking for:
- More opportunities to paint/customize the world (players finish feeling undersaturation of core mechanic)
- Soundtrack release or expanded OST availability
- Physical edition or console port visibility

Suggested first moves:
1. Map IP extension opportunities: Chicory's visual identity, soundtrack, and mental-health themes are licensing-ready for audiobooks, graphic novels, or streaming adaptation; validate interest with indie publishers in narrative media.
2. Evaluate console/mobile ports: $541k lifetime suggests proven model; porting to Switch or mobile could unlock retail partnerships and gift-purchase seasonality without large dev lift.
3. Secure developer roadmap: Confirm with Wishes Ultd. whether they intend a sequel, full studio expansion, or IP licensing model; their 18-month silence makes their intentions opaque to acquirers.

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/1123450
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.