# Layers of Fear

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

- Steam appid: 1946700
- Developer: Anshar Studios
- Publisher: Bloober Team SA
- Released: 2023 · Genre: Adventure · List price: $29.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $3.3k to $5.0k per month (mid $4.2k)
- Opportunity score: $5.4k/month at x1.30 dormancy multiplier
- Est. lifetime owners: 44.3k · Est. lifetime net revenue: $331.4k
- Review sentiment: 79% positive across 1703 reviews (1385 from Steam purchases)
- Review velocity: 22.3 reviews/month (6-month average)

## Why it's flagged

- Developer active, last post 2 months ago
- Studio active elsewhere (3 titles tracked), so this one may welcome a partner
- Last build shipped 22 months ago

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $7.6k |
| After VAT / sales tax (-13% blended) | $6.6k |
| After refunds (-9.5% median) | $6.0k |
| Net to developer (after Steam 30%) | $4.2k |

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

30, 16, 13, 18, 25, 20, 6, 14, 14, 16, 11, 15, 20, 8, 14, 16, 35, 24, 25, 18, 31, 16, 18, 26

## Estimated acquisition range

$100.2k to $200.4k (2-4x the trailing net annuity of $50.1k/year). Same error range applies.

## Markets by review language

- german: 8%
- koreana: 3%
- russian: 8%
- japanese: 1%
- english: 52%
- spanish: 3%
- schinese: 17%
- brazilian: 5% (game NOT localized in this language)
- french: 4%

## Analyst notes (AI-assisted)

Layers of Fear is a first-person psychological horror adventure that remasters the original 2016 game plus its sequel, with enhanced graphics and new content.

This 2023 remake sits in a quiet revenue position, earning $4,175/mo residual with 78% positive reception and steady (if modest) 22 reviews/mo showing strong player intent for atmospheric horror. The franchise has narrative legs (players compare favorably to 2016 original; the two-game bundle is a meaningful value prop), but the Actor storyline underperformance signals storytelling risk. For a publisher seeking a proven horror IP with existing fanbase loyalty and monthly cash generation, this is worth evaluating as a catalog anchor or a candidate for modest live-service cosmetization (DLC chapters, cosmetics) rather than a full remake.

- Most realistic play: publishing
- Risk (market): Atmospheric horror has narrowed Steam mindshare; elasticity of -1 means price reductions will not drive volume, suggesting the title has found its natural audience and expansion is capped.
- Risk (other): Actor storyline (Layers of Fear 2 content) is perceived as weaker than original; future story-driven sequels or expansions carry narrative quality risk if player expectations set by 2016 original are not matched.
- Risk (tech): 21+ months post-launch with zero discounts and no dev communication in 1.7 months; engine/platform updates or live-ops support may require investment to sustain player engagement.

What players are asking for:
- Stronger, more thematic storytelling comparable to the original Painter/Musician narratives
- Fewer technical interruptions (loading screens during chapters cited as immersion-breaker)
- Expanded content/DLC to justify the $29.99 price point for players who finished both campaigns

Suggested first moves:
1. Audit Bloober Team's IP ownership and franchise roadmap; confirm rights to Layers of Fear 1 & 2 are held outright (not licensed) and clearable for ancillary publishing deals or catalog consolidation.
2. Model a modest DLC pack (psychological horror story, 2-3 hours, $9.99-$14.99) addressing the narrative gap between Painter and Actor campaigns; test on 5-10% of remaining active player base via beta to validate community asks.
3. Establish a 6-month engagement baseline: track monthly revenue, review velocity, and retention cohorts; if residual stabilizes above $3,500/mo and reviews/mo stay 20+, commit to one annual content refresh; if velocity declines below $2,500/mo, consider licensing the IP to a VR studio or a console/Switch port publisher.

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/1946700
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.