# Hoa

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

- Steam appid: 1484900
- Developer: Skrollcat Studio
- Publisher: PM Studios, inc.
- Released: 2021 · Genre: Action · List price: $14.99
- Deal grade: B (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $1.8k to $2.7k per month (mid $2.2k)
- Opportunity score: $3.4k/month at x1.50 dormancy multiplier
- Est. lifetime owners: 81.7k · Est. lifetime net revenue: $305.2k
- Review sentiment: 89% positive across 3146 reviews (2552 from Steam purchases)
- Review velocity: 24.0 reviews/month (6-month average)

## Why it's flagged

- Developer active, last post 4 months ago
- Last build shipped 5.0 years ago

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $4.1k |
| After VAT / sales tax (-13% blended) | $3.5k |
| After refunds (-9.5% median) | $3.2k |
| Net to developer (after Steam 30%) | $2.2k |

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

10, 15, 9, 12, 27, 14, 17, 19, 90, 66, 26, 18, 20, 15, 23, 13, 18, 18, 21, 23, 10, 15, 27, 48

## Estimated acquisition range

$53.8k to $107.6k (2-4x the trailing net annuity of $26.9k/year). Same error range applies.

## Analyst notes (AI-assisted)

A hand-painted 2D action-platformer from Vietnamese developer Skrollcat Studio, inspired by Studio Ghibli's visual language, released in 2021.

Hoa has achieved modest but stable residual revenue ($2.2K/mo mid-case) on the back of distinctive art direction and 89% positive review sentiment, despite acknowledged gameplay repetition and narrative thinness. The game's quiet three-year runway, with zero discounts in the last 12 months and developer activity within weeks, suggests a title that has found its niche audience and requires minimal maintenance. For a publisher seeking a low-risk, profitable evergreen asset with cultural weight in Southeast Asian markets, or a studio exploring IP extension into animation or merchandise, Hoa is worth cataloging; for action-game enthusiasts or mainstream revival, it remains too narrow.

- Most realistic play: publishing
- Risk (market): Core complaint is gameplay simplicity and repetition; casual/cozy audience is price-sensitive and slow to grow organically.
- Risk (other): Studio is solo-title outfit with no track record of sequel or sustained franchise development; IP extension would depend entirely on external partnership.
- Risk (tech): No discount activity in 12 months and elasticity of -1 suggests either satisfied player base or low price-elasticity; limited growth runway via sales tactics.

What players are asking for:
- Less repetitive or more varied platforming challenge (especially final sections)
- Stronger narrative arc and character development beyond visual atmosphere
- Accessibility options or difficulty toggles for late-game spike

Suggested first moves:
1. Audit lifetime player cohorts (country, session length, churn) to identify SEA-market and art-game audience overlap; model retention curves for pricing and promotional strategy.
2. Evaluate IP licensing or merchandise partnerships (art books, animation shorts, plush collectibles) to leverage existing visual IP without gameplay redesign.
3. Conduct light post-mortem with Skrollcat on why zero discounts sustained $2.2K/mo revenue; determine if full-price strategy is intentional or reflects bandwidth constraints, then develop co-marketing roadmap (e.g., Ghibli festival tie-ins, bundle with similar indie titles).

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/1484900
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.