# INDUSTRIA

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

- Steam appid: 1172650
- Developer: Bleakmill
- Publisher: Headup
- Released: 2021 · Genre: Action · List price: $19.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $7.5k to $11.3k per month (mid $9.4k)
- Opportunity score: $12.2k/month at x1.30 dormancy multiplier
- Est. lifetime owners: 96.3k · Est. lifetime net revenue: $480.1k
- Review sentiment: 71% positive across 4309 reviews (3010 from Steam purchases)
- Review velocity: 75.5 reviews/month (6-month average)

## Why it's flagged

- Developer active, last post 3 months ago
- Studio active elsewhere (2 titles tracked), so this one may welcome a partner
- Last build shipped 29 months ago
- Last discounted 1 months ago, 11 sales in the last 12 months
- Proven demand elasticity: x1.8 review velocity during past deep sales

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $17.1k |
| After VAT / sales tax (-13% blended) | $14.9k |
| After refunds (-9.5% median) | $13.4k |
| Net to developer (after Steam 30%) | $9.4k |

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

48, 21, 54, 24, 45, 37, 26, 81, 46, 39, 38, 48, 38, 35, 98, 46, 50, 68, 56, 45, 45, 168, 65, 74

## Estimated acquisition range

$225.8k to $451.6k (2-4x the trailing net annuity of $112.9k/year). Same error range applies.

## Analyst notes (AI-assisted)

A 4-hour first-person atmospheric action game set in an alternate-reality Berlin, blending environmental storytelling with light combat and puzzles.

INDUSTRIA occupies a quiet niche: strong artistic direction and immersive world-building drive 71% positive sentiment and $480k lifetime revenue on a $19.99 price point, yet core gameplay, sparse combat, weak enemy AI, limited puzzle depth, and technical polish gaps, undercut its potential. The title has earned $9.4k/mo in residual revenue with minimal marketing lift; a sequel already exists. Relevant for publishers seeking atmospheric action IP with high replay-on-sale elasticity (1.76) and a clear audience appetite for Half-Life-adjacent experiences, but only if a buyer can commit to gameplay modernization or position it as a curated narrative experience.

- Most realistic play: publishing
- Risk (tech): Unreal Engine implementation criticized for poor lighting, stuttering, and AI pathfinding bugs; these are recurring structural complaints that affect core loop credibility.
- Risk (market): Gameplay loop (walking, weak combat, sparse puzzles) perceived as padding by multiple reviewers; full-price attachment is weak, but 90% discount drives strong conversion, creating pricing-elasticity dependency.
- Risk (other): Developer Bleakmill has only 2 titles total; studio operational status does not guarantee post-acquisition support or sequel roadmap clarity.

What players are asking for:
- Audio design overhaul: ambient music, enemy sound presence, and atmospheric layers are nearly absent.
- Combat rebalance: larger ammo pools, fewer 'AMMO FULL' interruptions, more threatening enemy variety.
- Puzzle continuity: expand mechanic depth beyond opening act; current puzzles feel like runtime padding.
- Polish pass: fix AI pathfinding, lighting consistency, and stutter issues on mid-range hardware.

Suggested first moves:
1. Audit the sequel (INDUSTRIA 2, recently released per reviews): compare player sentiment, retention, and post-launch update cadence to identify whether second iteration solved first-game criticisms and whether IP momentum is building or stalling.
2. Model a 'director's cut' scenario: quantify uplift from audio redesign, enemy AI overhaul, and puzzle expansion against dev cost; test appetite in community Discord/forums before committing.
3. Evaluate Bleakmill's capacity and interest: direct conversation on studio roadmap, post-acquisition involvement, and whether sequel success signals ability to execute on feedback, critical before acquisition.

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/1172650
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.