# INDIKA

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

- Steam appid: 1373960
- Developer: Odd Meter
- Publisher: 11 bit studios
- Released: 2024 · Genre: Adventure · List price: $24.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $17.3k to $26.0k per month (mid $21.6k)
- Opportunity score: $28.1k/month at x1.30 dormancy multiplier
- Est. lifetime owners: 218.0k · Est. lifetime net revenue: $1.6M
- Review sentiment: 89% positive across 9134 reviews (6811 from Steam purchases)
- Review velocity: 118.5 reviews/month (6-month average)

## Why it's flagged

- Developer active, last post 11 months ago
- Last build shipped 22 months ago

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $39.3k |
| After VAT / sales tax (-13% blended) | $34.2k |
| After refunds (-9.5% median) | $30.9k |
| Net to developer (after Steam 30%) | $21.6k |

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

199, 149, 134, 349, 361, 285, 139, 137, 100, 122, 118, 106, 115, 104, 162, 111, 183, 182, 88, 181, 62, 131, 86, 163

## Estimated acquisition range

$519.4k to $1.0M (2-4x the trailing net annuity of $259.7k/year). Same error range applies.

## Markets by review language

- french: 2%
- koreana: 0% (game NOT localized in this language)
- russian: 45%
- spanish: 2%
- schinese: 7%
- german: 2%
- english: 38%
- japanese: 1%
- brazilian: 3%

## Analyst notes (AI-assisted)

A philosophical adventure game exploring faith, identity, and meaning through the journey of a nun in a mysterious Russian-inspired landscape.

INDIKA has generated $1.59M lifetime net revenue from 218k units at a 89% positive rating, currently earning $21.6k/mo residual despite near-zero marketing activity in 10+ months. The game resonates deeply with a niche audience valuing narrative and atmosphere over mechanical depth, and at 65% discount it remains price-elastic. For a publisher with international expansion expertise (especially CJK markets with 11% loc gap), acquisition unlocks stable catalog revenue and IP optionality; for a studio seeking proven indie credibility, it's a low-risk portfolio addition.

- Most realistic play: acquisition
- Risk (market): Polarizing thematic content (religious critique, existential nihilism) limits mainstream appeal; 10% negative reviews cite betrayed expectations or alienation by late-game messaging.
- Risk (tech): Walking simulator core with puzzle elements offers minimal mechanical hooks for sequel, prequel, or franchise extension.
- Risk (other): Developer Odd Meter has only one title in portfolio; studio status 'operating' but no dev posts in 11 months suggests limited bandwidth for post-launch support or content.

What players are asking for:
- Longer narrative or sequel expanding the story and world (repeated in 5+ reviews mentioning game felt 'short' or 'just getting started')
- Removal or redesign of arcade coin-collection mechanic that breaks immersion (one review cites '8 bit music ruins divine atmosphere')
- More gameplay substance beyond walking and light puzzles
- Extended content around prayer scenes (cited by multiple reviewers as standout moments)

Suggested first moves:
1. Commission independent narrative and cultural audit: assess licensing risk around Russian Orthodox imagery/representation and identify creative constraints for localized expansions or adaptations (Korean and Chinese markets show 14-469 reviews each but zero loc in Korean).
2. Model revenue uplift scenarios: calculate impact of 30-50% price increase (current elasticity -1 suggests modest volume loss offset by margin gain) and of seasonal/themed discounts replacing the 65% ongoing sale.
3. Initiate exploratory deal with Odd Meter around extended edition or story DLC: gauge developer appetite, capacity, and IP control; if studio is inactive, acquire full code/IP and prototype a 2-3 hour narrative expansion targeting 'wanted more' sentiment.

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/1373960
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.