# Amairo Chocolate

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

- Steam appid: 1238680
- Developer: Cabbage Soft
- Publisher: Sekai Project
- Released: 2020 · Genre: Indie · List price: $24.99
- Deal grade: B (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $1.5k to $2.3k per month (mid $1.9k)
- Opportunity score: $2.8k/month at x1.50 dormancy multiplier
- Est. lifetime owners: 29.7k · Est. lifetime net revenue: $159.5k
- Review sentiment: 98% positive across 1061 reviews (990 from Steam purchases)
- Review velocity: 14.0 reviews/month (6-month average)

## Why it's flagged

- Developer active, last post 9 months ago
- Studio active elsewhere (3 titles tracked), so this one may welcome a partner
- Last build shipped 5.7 years ago
- Store page localized in only 4 language(s)
- Last discounted 1 months ago, 7 sales in the last 12 months
- Proven demand elasticity: x1.5 review velocity during past deep sales

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $3.4k |
| After VAT / sales tax (-13% blended) | $3.0k |
| After refunds (-9.5% median) | $2.7k |
| Net to developer (after Steam 30%) | $1.9k |

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

15, 19, 10, 17, 24, 16, 23, 17, 10, 7, 19, 22, 10, 16, 7, 21, 19, 11, 17, 18, 10, 7, 7, 25

## Estimated acquisition range

$45.1k to $90.2k (2-4x the trailing net annuity of $22.6k/year). Same error range applies.

## Analyst notes (AI-assisted)

A 2020 visual novel by Cabbage Soft with character art by renowned illustrator Shiratama, published by Sekai Project, centering on slice-of-life romance in a chocolate shop setting.

Amairo Chocolate maintains steady residual revenue ($1.88k/mo mid) despite 9+ months of developer radio silence and a modest lifetime footprint (29.7k units, $159.5k net). The 97.8% positive review rate and active community (14 reviews/mo average) suggest a niche title with passionate holdout players, but the steep $24.99 price point and 68+ months since launch present an opportunity for value-tier republishing, bundling, or localization expansion rather than a development refresh.

- Most realistic play: publishing
- Licensed IP: the game is built on third-party intellectual property
- Risk (licensed_ip): Sekai Project holds publishing rights; character art by Shiratama may carry separate licensing terms or exclusivity clauses that constrain derivative projects.
- Risk (market): Visual novel category has high saturation and fickle discoverability; the 6.7% key-reseller share suggests limited gray-market appeal, constraining promotional runway.
- Risk (other): Developer inactive for 9+ months despite studio status 'operating'; sequel or substantial update unlikely, limiting organic growth hooks.

What players are asking for:
- Price reduction or bundling to improve perceived value relative to playtime
- Additional character routes or post-game content
- Expanded language localization beyond current 4 languages

Suggested first moves:
1. Audit Sekai Project publishing agreement to identify windows for bundle placement (subscription services, seasonal promotions, multi-title compilations) without renegotiation.
2. Model price elasticity (1.54 on file) against 30-40% discount to test whether temporary rate cuts can unlock lapsed players and refresh review momentum.
3. Investigate localization gaps in top regional markets (JP, CN, KR) and licensing feasibility; Shiratama's fanbase may drive demand in Asia-Pacific where visual novels command higher attach.

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/1238680
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.