# Enigma of Fear

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

- Steam appid: 1507580
- Developer: Dumativa
- Released: 2024 · Genre: Action · List price: $29.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $6.0k to $9.0k per month (mid $7.5k)
- Opportunity score: $9.8k/month at x1.30 dormancy multiplier
- Est. lifetime owners: 97.0k · Est. lifetime net revenue: $850.6k
- Review sentiment: 97% positive across 10248 reviews (3032 from Steam purchases)
- Review velocity: 34.3 reviews/month (6-month average)

## Why it's flagged

- Developer active, last post 7 months ago
- Studio active elsewhere (2 titles tracked), so this one may welcome a partner
- Last build shipped 19 months ago
- 70% of reviews come from key activations (excluded from revenue estimates)
- Store page localized in only 3 language(s)

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $13.7k |
| After VAT / sales tax (-13% blended) | $11.9k |
| After refunds (-9.5% median) | $10.8k |
| Net to developer (after Steam 30%) | $7.5k |

## Monthly review counts, oldest to newest (21 months)

914, 967, 237, 138, 70, 64, 40, 47, 57, 17, 36, 63, 60, 94, 112, 44, 39, 33, 19, 22, 49

## Estimated acquisition range

$180.6k to $361.2k (2-4x the trailing net annuity of $90.3k/year). Same error range applies.

## Analyst notes (AI-assisted)

Enigma of Fear is a first-person puzzle-adventure with atmospheric design and Myst-like environmental storytelling.

A quiet indie title generating $7.5k/mo in residual revenue with 96.6% positive reviews and strong per-unit retention ($8.8k lifetime on 97k units). The game shows healthy engagement (34 reviews/mo) despite zero promotional spend for 7+ months and no discounting strategy. Candidates: small publishers seeking proven, low-maintenance catalog pieces; studios exploring post-launch monetization models that don't rely on sales velocity; revival teams looking for genre credibility with existing community goodwill.

- Most realistic play: acquisition
- Risk (market): Puzzle-adventure genre is crowded; Myst-like difficulty may limit mainstream appeal and future sales velocity.
- Risk (other): Developer has 2 titles total with no recent posts (7+ months); unclear if studio capacity exists for updates or support.

What players are asking for:
- Difficulty hints or hint system for puzzle solutions
- Performance optimization
- Accessibility features for colorblind/motor issues

Suggested first moves:
1. Audit IP ownership and retention terms with Dumativa; confirm full asset and code access for acquirer or co-publisher deal.
2. Run cohort analysis on the 34 monthly reviews: identify if core audience is expanding or shrinking, and whether hint-system feature requests correlate with longer retention.
3. Model $7.5k/mo baseline against post-acquisition support plan (seasonal sales, hint-system update, Steam Deck optimization) to forecast uplift and justify acquisition multiple.

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/1507580
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.