# Under The Waves

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

- Steam appid: 1975440
- Developer: Parallel Studio
- Publisher: Spotlight by Quantic Dream
- Released: 2023 · Genre: Adventure · List price: $29.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $6.3k to $9.4k per month (mid $7.8k)
- Opportunity score: $12.9k/month at x1.65 dormancy multiplier
- Est. lifetime owners: 51.4k · Est. lifetime net revenue: $384.1k
- Review sentiment: 78% positive across 2069 reviews (1605 from Steam purchases)
- Review velocity: 41.8 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 21 months
- Studio quiet across its whole catalog
- Last build shipped 30 months ago

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $14.2k |
| After VAT / sales tax (-13% blended) | $12.4k |
| After refunds (-9.5% median) | $11.2k |
| Net to developer (after Steam 30%) | $7.8k |

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

19, 16, 35, 26, 35, 27, 19, 49, 33, 14, 19, 29, 17, 15, 34, 15, 75, 63, 37, 49, 34, 58, 40, 33

## Estimated acquisition range

$187.7k to $375.4k (2-4x the trailing net annuity of $93.8k/year). Same error range applies.

## Markets by review language

- french: 9%
- german: 16%
- koreana: 1%
- russian: 13%
- schinese: 8%
- brazilian: 3%
- english: 46%
- spanish: 3%
- japanese: 1%

## Analyst notes (AI-assisted)

A narrative-driven underwater exploration game where a lonely oil-rig diver confronts environmental destruction and personal loss through intimate ocean encounters.

Under The Waves has quietly generated $384k lifetime revenue on 51k units with 77.7% positive sentiment, driven by strong word-of-mouth around its emotional storytelling and atmospheric design. The game remains dormant on marketing and discount activity (zero sales in past 12 months, no deep sales ever recorded) despite a publisher partnership with Spotlight by Quantic Dream. It's a solid acquisition target for a publisher seeking a proven indie narrative asset with environmental-messaging appeal and untapped merchandising / adaptation potential, or for a strategic buyer betting on revival through modest QoL patches and seasonal sale campaigns.

- Most realistic play: publishing
- Licensed IP: the game is built on third-party intellectual property
- Risk (licensed_ip): Partnership with Surfrider Foundation (environmental NGO) suggests embedded IP or cause-marketing obligations that may restrict future licensing or adaptation rights.
- Risk (tech): Player reports of environmental interaction bugs and menu-lock issues within first 80 minutes; technical debt may require investment before revival push.
- Risk (market): Indie narrative walking-simulator segment is crowded; game's niche positioning (ocean exploration without action) limits mainstream appeal and resale velocity.

What players are asking for:
- FOV slider and accessibility improvements (mentioned specifically in negative reviews)
- More environmental hints / quality-of-life for puzzle moments
- Expanded ocean wildlife behavior and encounter variety

Suggested first moves:
1. Audit technical stability and prioritize FOV slider / accessibility patches to reduce friction in first 2 hours and improve review momentum.
2. Map Surfrider Foundation partnership terms and exclusivity clauses; clarify IP ownership and rights to remarket, bundle, or adapt.
3. Test modest seasonal discounts (20–30%) and curated placements (narrative-game bundles, environmental-cause campaigns) to reactivate dormant audience; current $7.8k/mo residual suggests $12.9k/mo ceiling is achievable with low spend.

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/1975440
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.