# Moonscars

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

- Steam appid: 1374970
- Developer: Black Mermaid
- Publisher: Balor Games
- Released: 2022 · Genre: Action · List price: $19.99
- Deal grade: B (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $1.5k to $2.2k per month (mid $1.9k)
- Opportunity score: $3.9k/month at x2.10 dormancy multiplier
- Est. lifetime owners: 38.8k · Est. lifetime net revenue: $193.3k
- Review sentiment: 83% positive across 1510 reviews (1212 from Steam purchases)
- Review velocity: 15.0 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 3.2 years
- Studio inactive: no public activity across 1 tracked titles
- Last build shipped 3.2 years ago
- Last discounted 1 months ago, 7 sales in the last 12 months
- Proven demand elasticity: x1.8 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)

18, 15, 13, 8, 32, 17, 15, 17, 8, 13, 7, 34, 31, 13, 16, 21, 30, 18, 9, 25, 9, 17, 13, 17

## Estimated acquisition range

$44.9k to $89.7k (2-4x the trailing net annuity of $22.4k/year). Same error range applies.

## Analyst notes (AI-assisted)

A stylish 2D soulslike action-platformer with hand-drawn animation and dark fantasy setting.

Moonscars maintains solid monthly residuals of $1,869/mo despite 38 months of developer inactivity, a 83% positive rating, and modest but consistent player engagement (15 reviews/mo). The title appears technically sound at its core (players praise combat and art), but unresolved critical bugs and narrative accessibility issues have capped growth and may be preventing premium pricing or sequel momentum. This is a candidate for acquisition by a publisher seeking a stable catalog asset with potential for a meaningful post-launch update cycle to unlock dormant sales velocity.

- Most realistic play: publishing
- Risk (tech): Player reports of game-breaking glitches that force run termination; dev has not patched in 38 months, indicating no active support pipeline.
- Risk (market): Combat difficulty and narrative pacing have discouraged mid-core players; elasticity of 1.84 suggests price sensitivity, limiting upside from premium positioning.
- Risk (other): Studio status unknown post-release; single-title developer history and long radio silence raise questions about IP ownership clarity and dev availability for patches or porting.

What players are asking for:
- Bug fixes for the reported game-breaking glitch affecting progression
- Narrative clarity and optional skip for story sequences
- Rebalancing of early-game difficulty curve and mob damage scaling
- Port to additional platforms (Nintendo Switch, PS, Xbox implied by silence)

Suggested first moves:
1. Commission a full QA audit of reported game-breaking glitch and backlog; confirm engineering feasibility of a focused 2-3 month fix-and-balance patch.
2. Secure IP ownership confirmation from Black Mermaid and Balor Games; clarify any residual licensing obligations from audio, art, or middleware.
3. Evaluate porting ROI: at $1,869/mo on PC and 1.84 elasticity, a console port (Switch especially) could move 2-4x current units if bundled with the patch and a modest discount campaign.

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/1374970
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.