# Fear & Hunger 2: Termina

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

- Steam appid: 2171440
- Developer: Miro Haverinen
- Released: 2022 · Genre: Indie · List price: $11.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $15.1k to $22.7k per month (mid $18.9k)
- Opportunity score: $39.7k/month at x2.10 dormancy multiplier
- Est. lifetime owners: 449.6k · Est. lifetime net revenue: $1.3M
- Review sentiment: 97% positive across 15328 reviews (14051 from Steam purchases)
- Review velocity: 252.7 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 3.6 years
- Studio inactive: no public activity across 2 tracked titles
- Last build shipped 3.6 years ago
- Store page localized in only 1 language(s)

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $34.3k |
| After VAT / sales tax (-13% blended) | $29.8k |
| After refunds (-9.5% median) | $27.0k |
| Net to developer (after Steam 30%) | $18.9k |

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

460, 337, 271, 291, 307, 344, 229, 314, 298, 300, 303, 383, 357, 251, 260, 306, 274, 421, 251, 236, 263, 275, 227, 264

## Estimated acquisition range

$453.2k to $906.4k (2-4x the trailing net annuity of $226.6k/year). Same error range applies.

## Markets by review language

- english: 63% (game NOT localized in this language)
- russian: 13% (game NOT localized in this language)
- japanese: 0% (game NOT localized in this language)
- schinese: 2% (game NOT localized in this language)
- french: 2% (game NOT localized in this language)
- german: 0% (game NOT localized in this language)
- koreana: 4% (game NOT localized in this language)
- spanish: 9% (game NOT localized in this language)
- brazilian: 8% (game NOT localized in this language)

Localization gap: 100% of measured reviews are written in languages the game does not support (top: english). Localizing is likely immediate market expansion.

## Analyst notes (AI-assisted)

A hardcore cosmic-horror RPG built in RPG Maker by solo developer Miro Haverinen, set in a cursed town with permadeath consequences and taboo subject matter.

Fear & Hunger 2: Termina has achieved $1.34M lifetime net revenue on 449K units with a 97% positive rate and 253 reviews/month, despite zero marketing spend, no discount history, and zero developer communication in 43 months. The title is a cult phenomenon with depth (players report 80+ hours finding <33% of content) and artistic credibility that transcends typical indie horror. The opportunity lies not in the game itself, which is thriving quietly, but in franchising the IP, localizing untapped markets (100% English-only, 8% key leakage), or acquiring the catalog for a revival campaign if the solo-dev status changes.

- Most realistic play: watch
- Risk (other): Developer Miro Haverinen has posted zero updates in 43 months despite active sales; studio status flagged as 'ghost', raising questions about future support, sequel momentum, and acquisition feasibility.
- Risk (market): The game's appeal is deliberately transgressive and niche; mainstream publishers may struggle to position it without alienating audiences or sanitizing its core identity.
- Risk (tech): Built on RPG Maker with a reported crash bug (per review); engine choice limits technical ceiling for any revival or port campaign.

What players are asking for:
- Localization to non-English languages (community active in Russian, Brazilian Portuguese, Japanese, Korean, Spanish)
- Performance/stability patches (crash reports noted despite 97% positive sentiment)
- Clarity on lore and story progression (some players resort to external analysis to understand narrative)
- Port or mobile version (implied by device diversity in reviews)

Suggested first moves:
1. Acquire catalog rights and secure developer commitment: confirm whether Miro Haverinen will remain active or if buyout is feasible; clarify IP ownership of both Fear & Hunger titles for potential franchise strategy.
2. Localization audit: prioritize Russian, Brazilian Portuguese, Japanese, and Korean translations; 8% key reselling suggests untapped regional demand and revenue recovery opportunity ($39.6K/mo potential upside).
3. Stability and port roadmap: fix reported crashes, explore Switch/PlayStation console ports, and evaluate audiobook/novelization extensions to the IP without diluting the core game's vision.

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/2171440
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.