# DEMON GAZE EXTRA

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

- Steam appid: 1732340
- Developer: DRAGAMI GAMES, LTD.
- Publisher: Clouded Leopard Entertainment
- Released: 2022 · Genre: RPG · List price: $49.99
- Deal grade: B (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $1.7k to $2.5k per month (mid $2.1k)
- Opportunity score: $4.4k/month at x2.10 dormancy multiplier
- Est. lifetime owners: 4.5k · Est. lifetime net revenue: $55.8k
- Review sentiment: 70% positive across 162 reviews (140 from Steam purchases)
- Review velocity: 6.7 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 4.1 years
- Studio active elsewhere (3 titles tracked), so this one may welcome a partner
- Last build shipped 4.1 years ago
- Store page localized in only 4 language(s)

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $3.8k |
| After VAT / sales tax (-13% blended) | $3.3k |
| After refunds (-9.5% median) | $3.0k |
| Net to developer (after Steam 30%) | $2.1k |

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

2, 1, 2, 1, 4, 2, 3, 1, 2, 0, 2, 0, 5, 5, 2, 5, 2, 0, 7, 1, 3, 2, 20, 7

## Estimated acquisition range

$49.9k to $99.7k (2-4x the trailing net annuity of $24.9k/year). Same error range applies.

## Markets by review language

- brazilian: 1% (game NOT localized in this language)
- french: 2% (game NOT localized in this language)
- english: 35%
- koreana: 9% (game NOT localized in this language)
- russian: 1% (game NOT localized in this language)
- spanish: 2% (game NOT localized in this language)
- japanese: 36%
- schinese: 14% (game NOT localized in this language)

Localization gap: 28% of measured reviews are written in languages the game does not support (top: schinese). Localizing is likely immediate market expansion.

## Analyst notes (AI-assisted)

A dungeon-crawling RPG remake of the original Demon Gaze with first-person exploration and tactical combat, published by Clouded Leopard in 2022.

Demon Gaze Extra occupies a quiet corner of the dungeon-crawler market with modest but steady residual revenue ($2.1k/mo mid estimate) and surprisingly robust Japanese-language community engagement (46 reviews in Japanese vs 45 in English). The 48-month gap since last developer communication and zero promotions in 12 months suggest this title is in true dormancy, but the IP remains owned by Dragami Games, a three-title active studio. This is a watch: acquisition would require IP negotiation, but a revival campaign targeting the Japanese market and localization expansion (28% gap to Simplified Chinese) could unlock the $4.4k/mo opportunity ceiling with minimal reinvestment.

- Most realistic play: revival
- Risk (market): Dungeon-crawler RPG genre is niche and price-sensitive; $49.99 positioning with zero discounts in 12 months may be suppressing discovery against F2P and early-access competitors.
- Risk (other): Developer silent for 48+ months; no post-launch support, balance patches, or community engagement visible, raising questions about studio capacity or interest in the title.
- Risk (tech): Lifetime attach of 4,480 units against 162 reviews (3.6% review rate) suggests either very low awareness or significant post-purchase churn, both indicating friction in onboarding or core loop satisfaction.

What players are asking for:
- Quality-of-life improvements to Ether Mirage dungeon design (difficulty balancing, accessibility features)
- English text quality review and typo correction
- Continued balance patches and bug fixes

Suggested first moves:
1. Audit Dragami Games' current roadmap and publishing relationship with Clouded Leopard; confirm IP ownership and appetite for a patch campaign focused on Ether Mirage difficulty rebalancing and QoL.
2. Commission a Simplified Chinese localization and bundle with a regional discount campaign to test the $4.4k/mo upside; review data shows zero penetration in schinese (18 reviews from 28% localization gap).
3. Analyze churn and playtime cohorts in the 162-review subset to isolate whether drop-off is front-loaded (onboarding) or back-loaded (Ether Mirage spike); this determines whether a $200k-400k revival budget targets rebalancing or new content.

Generated 2026-08-21 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/1732340
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.