# FATAL FRAME / PROJECT ZERO: Mask of the Lunar Eclipse

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

- Steam appid: 2130460
- Developer: KOEI TECMO GAMES CO., LTD.
- Released: 2023 · Genre: Adventure · List price: $49.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $7.6k to $11.3k per month (mid $9.5k)
- Opportunity score: $14.2k/month at x1.50 dormancy multiplier
- Est. lifetime owners: 50.8k · Est. lifetime net revenue: $633.4k
- Review sentiment: 89% positive across 1967 reviews (1588 from Steam purchases)
- Review velocity: 30.3 reviews/month (6-month average)

## Why it's flagged

- Developer active, last post 4 months ago
- Studio active elsewhere (76 titles tracked), so this one may welcome a partner
- Last build shipped 3.4 years ago
- Last discounted 1 months ago, 6 sales in the last 12 months
- Proven demand elasticity: x2.0 review velocity during past deep sales

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $17.2k |
| After VAT / sales tax (-13% blended) | $14.9k |
| After refunds (-9.5% median) | $13.5k |
| Net to developer (after Steam 30%) | $9.5k |

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

10, 20, 18, 12, 13, 16, 10, 11, 3, 10, 15, 13, 14, 14, 25, 22, 39, 35, 26, 57, 35, 29, 18, 17

## Estimated acquisition range

$226.9k to $453.7k (2-4x the trailing net annuity of $113.4k/year). Same error range applies.

## Markets by review language

- koreana: 2% (game NOT localized in this language)
- spanish: 4% (game NOT localized in this language)
- schinese: 38%
- french: 2%
- german: 2%
- english: 44%
- russian: 2% (game NOT localized in this language)
- japanese: 5% (game NOT localized in this language)
- brazilian: 2% (game NOT localized in this language)

Localization gap: 14% of measured reviews are written in languages the game does not support (top: japanese). Localizing is likely immediate market expansion.

## Analyst notes (AI-assisted)

Fatal Frame: Mask of the Lunar Eclipse is a remastered supernatural horror adventure where players photograph ghosts to solve mysteries, blending slow-burn psychological scares with camera-based combat.

Mask of the Lunar Eclipse has sustained $9.5k/mo residual revenue 40 months post-launch on modest volume (50.8k lifetime units, $633k lifetime net), driven by a passionate 89% positive community and continued organic discovery in an underserved horror niche. The franchise's dormant state on modern platforms and high elasticity (1.99) suggest aggressive pricing or bundling could unlock substantially more volume without cannibalizing Koei Tecmo's broader catalog. Publishing a new mainline entry or acquiring comparable horror IP for Japanese publisher distribution remains the realistic upside.

- Most realistic play: publishing
- Risk (market): Horror genre remains cyclical and culturally fragmented; 14.4% localization gap (especially Japanese) and 19.3% key-reseller leakage suggest distribution inefficiency, not lack of demand.
- Risk (tech): Players cite clunky controls and slow pacing as friction points; next iteration must address responsiveness without losing intentional survival-horror tension.
- Risk (other): Franchise has been dormant since this 2023 remaster; no announced sequel or spin-off beyond this title in 40+ months despite strong community sentiment.

What players are asking for:
- Faster, more refined controls and camera responsiveness for modern expectations
- New mainline entry or substantial DLC expansion beyond this remaster
- Improved pacing and tighter narrative (some prefer Maiden of Black Water tone)
- Continued Steam Deck optimization and cross-platform consistency

Suggested first moves:
1. Commission a player survey on price sensitivity and bundling appetite (e.g., Fatal Frame anthology pass at 25-30% discount); elasticity of 1.99 suggests aggressive A/B testing on $34.99-$39.99 price points could yield 2-3x unit lift.
2. Audit localization depth in top 5 languages (English, Simplified Chinese, Japanese, Portuguese-BR, Russian) and evaluate subtitle/audio completeness; 14.4% gap likely recoverable with targeted streaming/content-creator outreach in each market.
3. Greenlight a scoping study for either a new Fatal Frame title (greenfield) or a spiritual successor horror IP that Koei Tecmo can publish; this remaster's sustained engagement proves the studio can execute the genre, and franchise fatigue is not the constraint.

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/2130460
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.