# 港詭實錄ParanormalHK

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

- Steam appid: 1178490
- Developer: Ghostpie Studio
- Released: 2020 · Genre: Adventure · List price: $12.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $6.0k to $9.1k per month (mid $7.6k)
- Opportunity score: $15.9k/month at x2.10 dormancy multiplier
- Est. lifetime owners: 562.5k · Est. lifetime net revenue: $1.6M
- Review sentiment: 89% positive across 20421 reviews (18749 from Steam purchases)
- Review velocity: 108.2 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 6.0 years
- Studio inactive: no public activity across 1 tracked titles
- Last build shipped 6.6 years ago
- Store page localized in only 4 language(s)
- Last discounted 0 months ago, 9 sales in the last 12 months

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $13.7k |
| After VAT / sales tax (-13% blended) | $11.9k |
| After refunds (-9.5% median) | $10.8k |
| Net to developer (after Steam 30%) | $7.6k |

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

282, 177, 165, 178, 201, 159, 188, 146, 111, 103, 119, 138, 110, 115, 125, 131, 109, 90, 138, 118, 62, 89, 121, 121

## Estimated acquisition range

$181.2k to $362.4k (2-4x the trailing net annuity of $90.6k/year). Same error range applies.

## Analyst notes (AI-assisted)

A Cantonese-language supernatural horror adventure set in Hong Kong, blending atmospheric dread with jump-scare mechanics.

港詭實錄 has quietly generated $1.57M lifetime net revenue from 562k units since 2020, maintaining 89% positive sentiment and $7,550/mo residual revenue despite zero developer communication in 73 months. The title captures a distinct regional market (Hong Kong horror, Cantonese audio) with minimal competition and strong word-of-mouth, but Ghostpie Studio's dormancy and single-title catalog create execution risk. Best suited for a regional publisher or IP-focused acquirer seeking deep-catalog diversity and an established East Asian horror brand.

- Most realistic play: acquisition
- Risk (tech): Game is 79 months old; engine support, platform certification, and compliance drift may require investment before any revival or re-release.
- Risk (other): Developer (Ghostpie Studio) appears inactive; IP ownership and code access must be verified before acquisition.
- Risk (market): Strong regional (Hong Kong/Cantonese) appeal limits mainstream Western scalability without localization investment.

What players are asking for:
- Clarity on plot and narrative coherence (criticism of plot holes appears in reviews)
- Balance between atmosphere and jump-scare design
- Potential sequel or expanded universe content

Suggested first moves:
1. Verify IP ownership, source code access, and licensing of all audio/visual assets (particularly Cantonese voice acting and Hong Kong location content).
2. Assess localization ROI: analyze whether English/Japanese subtitling and regional marketing could expand beyond current 8% key-reseller share without diluting cultural specificity.
3. Explore regional sequel or spiritual successor with same developer (if available) or acquired talent; title shows durable $7,550/mo floor with minimal marketing spend.

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/1178490
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.