# No More Heroes 2: Desperate Struggle

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

- Steam appid: 1420300
- Developer: GRASSHOPPER MANUFACTURE INC.
- Publisher: XSEED Games
- Released: 2021 · Genre: Action · List price: $19.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $3.4k to $5.1k per month (mid $4.2k)
- Opportunity score: $5.7k/month at x1.35 dormancy multiplier
- Est. lifetime owners: 35.7k · Est. lifetime net revenue: $178.2k
- Review sentiment: 74% positive across 1209 reviews (1117 from Steam purchases)
- Review velocity: 33.8 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 16 months
- Studio active elsewhere (9 titles tracked), so this one may welcome a partner
- Last build shipped 2 months ago

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $7.7k |
| After VAT / sales tax (-13% blended) | $6.7k |
| After refunds (-9.5% median) | $6.0k |
| Net to developer (after Steam 30%) | $4.2k |

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

15, 25, 11, 13, 17, 17, 11, 13, 18, 11, 23, 25, 14, 9, 24, 39, 31, 39, 45, 32, 24, 25, 24, 53

## Estimated acquisition range

$101.2k to $202.4k (2-4x the trailing net annuity of $50.6k/year). Same error range applies.

## Analyst notes (AI-assisted)

A stylish action-adventure sequel that streamlines the original's formula with responsive combat and memorable bosses, marred by persistent PC port stability issues.

No More Heroes 2 generates $4.2k/mo in residual revenue with a 74% positive rating despite technical problems that have festered since launch (no discount promotions or developer posts in 16 months). The franchise has reinvigorated under Suda51 with NMH3, yet this 2021 PC port remains a flawed gateway to the series. A technical remediation pass or console acquisition would unlock higher attach rates and establish credibility for a dormant back-catalog seller; the IP holder (Marvelous/XSEED) likely controls any revival.

- Most realistic play: publishing
- Risk (tech): Chronic crash reports in core boss encounters and save-loss bugs undermine 74% positive rating; port appears unmaintained since release.
- Risk (market): Player consensus places it below NMH1 in story depth and charm, limiting word-of-mouth in a niche franchise.
- Risk (other): Pricing ($19.99) cited as misaligned with content scope; zero discounts in 12 months suggests no promotional velocity or clearance strategy.

What players are asking for:
- Patch crash-on-boss-load (Vladimir fight specifically named) and implement persistent autosave.
- Rebalance final boss and Shinobu sections (cited as tedious, janky).
- Restore or clarify open-world bike traversal removal versus NMH1.
- Price adjustment or content expansion to justify $19.99 positioning.

Suggested first moves:
1. Commission a technical audit of the three-year-old codebase and scope a stability patch (focus: Vladimir encounter, save states, controller layer). Cost vs. residual lift will indicate whether in-house remediation or vendor contractor makes sense.
2. Survey playerbase on price elasticity: run an A/B discount test at $9.99–$14.99 for 30 days to measure whether crash-averse players re-engage post-patch or churn is permanent.
3. Coordinate with Marvelous/XSEED on franchise roadmap: clarify whether NMH2 PC is actively supported, out-of-scope for the publisher, or candidate for a broader back-catalog revival initiative alongside NMH1 and NMH3.

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/1420300
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.