# Fobia - St. Dinfna Hotel

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

- Steam appid: 1298140
- Developer: Pulsatrix Studios
- Publisher: Maximum Entertainment
- Released: 2022 · Genre: Indie · List price: $29.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $2.7k to $4.1k per month (mid $3.4k)
- Opportunity score: $7.1k/month at x2.10 dormancy multiplier
- Est. lifetime owners: 49.3k · Est. lifetime net revenue: $368.5k
- Review sentiment: 83% positive across 2347 reviews (1540 from Steam purchases)
- Review velocity: 18.2 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 2.1 years
- Studio active elsewhere (2 titles tracked), so this one may welcome a partner
- Last build shipped 4.0 years ago
- Last discounted 1 months ago, 12 sales in the last 12 months
- Proven demand elasticity: x1.4 review velocity during past deep sales

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $6.2k |
| After VAT / sales tax (-13% blended) | $5.4k |
| After refunds (-9.5% median) | $4.9k |
| Net to developer (after Steam 30%) | $3.4k |

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

13, 16, 8, 20, 27, 74, 18, 34, 33, 35, 21, 30, 14, 21, 24, 24, 34, 24, 22, 25, 14, 18, 15, 15

## Estimated acquisition range

$81.5k to $163.0k (2-4x the trailing net annuity of $40.8k/year). Same error range applies.

## Analyst notes (AI-assisted)

First-person horror adventure set in a decaying hotel, blending puzzle-solving with atmospheric dread.

Fobia earned $368k lifetime on solid 83% positive sentiment and maintains $3.4k/mo residual revenue despite developer silence for 25 months. The title shows strong elasticity (1.39) and low key-share (34%), suggesting organic Steam visibility and pricing power. For a publisher seeking a quiet earner with revival potential, the puzzle structure complaints and dual-ending feedback hint at straightforward content updates (expanded puzzle variety, ending polish) that could reinvigorate a dormant but fundamentally sound audience.

- Most realistic play: publishing
- Risk (other): Developer studio status marked 'fading' with only one title in catalog; long silence (25 months) raises execution risk on post-acquisition support.
- Risk (market): Horror-adventure crowding and 82% positive threshold suggests early adopters captured; mainstream growth unlikely without substantial creative refresh.
- Risk (tech): Four-year build age; engine and platform compatibility drift possible if left unpatched during ownership transition.

What players are asking for:
- Expanded puzzle variety and less repetitive design
- Deeper, more satisfying ending(s)
- Quality-of-life improvements and bug fixes

Suggested first moves:
1. Audit remaining live-service and DLC revenue potential; map puzzle-design feedback to cost-effective expansion pack (3-5 new rooms, alternate mechanics).
2. Conduct IP and rights clearance audit with Maximum Entertainment (publisher of record); clarify remaster/remake rights scope before committing to revival roadmap.
3. Establish developer relations channel with Pulsatrix Studios or identify third-party studio to execute ending-polish patch + one seasonal content drop (6-8 weeks, <$50k budget) to re-engage dormant wishlist.

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/1298140
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.