# Submerged: Hidden Depths

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

- Steam appid: 1614270
- Developer: Uppercut Games Pty Ltd
- Released: 2022 · Genre: Adventure · List price: $29.99
- Deal grade: B (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $1.4k to $2.1k per month (mid $1.8k)
- Opportunity score: $3.7k/month at x2.10 dormancy multiplier
- Est. lifetime owners: 23.4k · Est. lifetime net revenue: $174.9k
- Review sentiment: 90% positive across 862 reviews (731 from Steam purchases)
- Review velocity: 9.5 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 3.1 years
- Studio inactive: no public activity across 2 tracked titles
- Last build shipped 3.1 years ago
- Last discounted 1 months ago, 7 sales in the last 12 months
- Proven demand elasticity: x1.6 review velocity during past deep sales

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $3.2k |
| After VAT / sales tax (-13% blended) | $2.8k |
| After refunds (-9.5% median) | $2.5k |
| Net to developer (after Steam 30%) | $1.8k |

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

14, 15, 8, 7, 13, 7, 3, 11, 9, 16, 8, 11, 7, 3, 11, 7, 5, 10, 5, 11, 8, 11, 10, 12

## Estimated acquisition range

$42.6k to $85.2k (2-4x the trailing net annuity of $21.3k/year). Same error range applies.

## Markets by review language

- french: 4%
- koreana: 2%
- russian: 16%
- spanish: 3%
- japanese: 3%
- schinese: 8%
- german: 6%
- english: 52%
- brazilian: 7%

## Analyst notes (AI-assisted)

Submerged: Hidden Depths is a narrative adventure about two siblings navigating a flooded, post-apocalyptic world from their sailboat.

A quiet indie title with solid community sentiment (90% positive, 862 reviews) and modest but steady residual revenue ($1,776/mo mid-case). At $174k lifetime net on 23k units, the per-unit economics are healthy enough to warrant attention from publishers seeking catalog depth or studios exploring IP revival. The 37-month radio silence and developer inactivity suggest the game has entered a stable hold state, making it an acquisition candidate if the right strategic fit emerges. Uppercut Games' dormant status opens a path for inbound interest.

- Most realistic play: acquisition
- Risk (market): Genre (narrative adventure) faces crowded market; 90th-percentile positive rating alone does not guarantee sustainable velocity without active marketing or platform support.
- Risk (other): Developer silent for 37+ months with only 2 titles on record; no institutional knowledge or roadmap available for post-acquisition maintenance.

Suggested first moves:
1. Acquire IP and catalog rights from Uppercut Games; verify trademark and asset ownership chain given studio dormancy.
2. Conduct full sentiment and feature-request sweep across 862 Steam reviews (prioritize Russian, English, Simplified Chinese cohorts per language distribution) to identify unmet player asks.
3. Evaluate port feasibility and live-ops runway: test whether current $1,776/mo can sustain with minimal marketing spend, or if tactical platform bundle/sale could exceed $3,729/mo opportunity figure.

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/1614270
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.