# Iwaihime

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

- Steam appid: 1372300
- Developer: DMM GAMES
- Publisher: Shiravune
- Released: 2020 · Genre: Adventure · List price: $29.99
- Deal grade: B (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $1.3k to $1.9k per month (mid $1.6k)
- Opportunity score: $3.3k/month at x2.10 dormancy multiplier
- Est. lifetime owners: 25.8k · Est. lifetime net revenue: $166.1k
- Review sentiment: 78% positive across 913 reviews (859 from Steam purchases)
- Review velocity: 9.8 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 2.6 years
- Studio quiet across its whole catalog
- Last build shipped 5.7 years ago
- Store page localized in only 4 language(s)
- Last discounted 0 months ago, 10 sales in the last 12 months

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $2.9k |
| After VAT / sales tax (-13% blended) | $2.5k |
| After refunds (-9.5% median) | $2.3k |
| Net to developer (after Steam 30%) | $1.6k |

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

13, 20, 13, 16, 15, 5, 11, 17, 13, 10, 9, 8, 7, 11, 11, 11, 10, 12, 12, 8, 10, 4, 9, 16

## Missed seasonal-sale revenue (modeled)

Skipped 1 Steam seasonal sale window(s) in the last 24 months. Running a -50% discount in those windows is modeled at +$967 net in total, assuming a unit uplift of x3.0 (industry-typical for old catalog titles). Same ±30-50% error range applies.

## Estimated acquisition range

$38.0k to $76.1k (2-4x the trailing net annuity of $19.0k/year). Same error range applies.

## Analyst notes (AI-assisted)

Iwaihime is a narrative-driven adventure visual novel set in rural Japan, blending folk horror with character-driven storytelling.

A quiet, steady earner generating $1.6k/mo residual with 78% positive reception and a dedicated niche audience. The title's low review velocity (9.8/mo) and recent deep discount (80% max, last run ~2 weeks ago) suggest publisher Shiravune is actively managing evergreen revenue rather than abandoning it. Acquisition or publishing rights refresh could unlock modest uplift through seasonal promotion and bundling; best suited for a curator focused on visual-novel catalog depth or a niche publisher monetizing backlist inventory.

- Most realistic play: publishing
- Risk (market): Visual-novel genre skews small, regional, and platform-dependent; growth ceiling is low even with marketing spend.
- Risk (tech): No developer posts in 31 months suggests minimal active support; engine or platform stability issues could emerge.
- Risk (other): Publisher Shiravune retains rights and is still discounting regularly (10 promotions in 12 months), indicating they own and actively monetize the catalog.

Suggested first moves:
1. Confirm IP and publishing rights holder; Shiravune's 10 discount actions/year suggest they are not open to acquisition but may license or co-market.
2. Model seasonal bundle opportunities (visual-novel anthologies, Halloween/folklore bundles) against $3.3k/mo opportunity ceiling to validate ROI.
3. If acquisition is possible, audit developer studio status ('fading', 2 titles total) and dormancy risk before committing to long-term support.

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/1372300
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.