# MADiSON

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

- Steam appid: 1670870
- Developer: BLOODIOUS GAMES
- Released: 2022 · Genre: Action · List price: $34.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $4.7k to $7.0k per month (mid $5.9k)
- Opportunity score: $11.1k/month at x1.90 dormancy multiplier
- Est. lifetime owners: 95.6k · Est. lifetime net revenue: $834.5k
- Review sentiment: 87% positive across 3420 reviews (2989 from Steam purchases)
- Review velocity: 26.8 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 2.9 years
- Studio quiet across its whole catalog
- Last build shipped 34 months ago
- Last discounted 1 months ago, 5 sales in the last 12 months

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $10.6k |
| After VAT / sales tax (-13% blended) | $9.2k |
| After refunds (-9.5% median) | $8.4k |
| Net to developer (after Steam 30%) | $5.9k |

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

40, 35, 40, 50, 38, 27, 27, 36, 20, 30, 25, 32, 28, 20, 44, 52, 29, 48, 23, 26, 29, 24, 17, 42

## Missed seasonal-sale revenue (modeled)

Skipped 5 Steam seasonal sale window(s) in the last 24 months. Running a -50% discount in those windows is modeled at +$22.0k net in total, assuming a unit uplift of x3.0 (industry-typical for old catalog titles). Same ±30-50% error range applies.

## Estimated acquisition range

$140.5k to $280.9k (2-4x the trailing net annuity of $70.2k/year). Same error range applies.

## Markets by review language

- koreana: 3%
- japanese: 1%
- german: 8%
- russian: 12%
- spanish: 12% (game NOT localized in this language)
- schinese: 10%
- brazilian: 4%
- french: 4%
- english: 47%

Localization gap: 12% of measured reviews are written in languages the game does not support (top: spanish). Localizing is likely immediate market expansion.

## Analyst notes (AI-assisted)

MADiSON is a first-person puzzle-horror game with atmosphere-driven scares and non-linear exploration, released in 2022 by solo developer BLOODIOUS GAMES.

A quietly profitable indie horror title generating $5.8k-$7k/mo residual revenue on 95k lifetime sales and strong community sentiment (87% positive). The game has been dormant for 34 months with no developer updates, yet continues to move units and retain player interest across 15 languages. Most relevant for a publisher seeking to revive a stable, low-risk catalog entry through seasonal sales, DLC, or a sequel pitch; less relevant for direct acquisition since the developer remains active and the IP is not licensed third-party property.

- Most realistic play: revival
- Risk (tech): No developer communication in 34 months suggests the team may lack bandwidth for bug fixes, platform updates, or engine maintenance if technical debt accumulates.
- Risk (market): Puzzle-heavy horror is a narrow genre; appeal peaks during Q4 and seasonal discount windows, and the last major sale was 9.7 months ago.
- Risk (other): Developer lists only one title and shows 'fading' status; bankruptcy, burnout, or IP lock-up could prevent future development or collaboration.

What players are asking for:
- Clearer puzzle design and better hint systems (multiple reviewers mention unintuitive solutions requiring walkthroughs)
- Less repetitive or better-paced puzzle sequences in the final act
- Clarification of horror vs. puzzle balance (some players expected more enemy pressure and constant tension)

Suggested first moves:
1. Confirm developer's IP ownership and willingness to partner on a revival campaign (seasonal sales push, console ports, or mobile adaptation); 34-month silence suggests low operational burden on their end.
2. Audit the backlog of puzzle-clarity feedback and quantify the cost of a lightweight update (UI hints, puzzle redesign) to unlock a second sales spike and improve reviews-per-month.
3. Analyze untapped localization opportunity: Spanish is the second-largest review community (315 reviews, 12.5% loc gap); a native Spanish DLC or sequel marketing push could unlock new geographic revenue.

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/1670870
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.