# ghostpia Season One

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

- Steam appid: 2192620
- Developer: Chosuido
- Publisher: room6
- Released: 2023 · Genre: Adventure · List price: $19.99
- Deal grade: B (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $1.5k to $2.3k per month (mid $1.9k)
- Opportunity score: $3.1k/month at x1.65 dormancy multiplier
- Est. lifetime owners: 27.7k · Est. lifetime net revenue: $138.0k
- Review sentiment: 93% positive across 981 reviews (865 from Steam purchases)
- Review velocity: 15.2 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 18 months
- Studio quiet across its whole catalog
- Last build shipped 30 months ago
- Store page localized in only 4 language(s)

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $3.4k |
| After VAT / sales tax (-13% blended) | $3.0k |
| After refunds (-9.5% median) | $2.7k |
| Net to developer (after Steam 30%) | $1.9k |

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

13, 17, 24, 14, 37, 65, 18, 31, 18, 39, 18, 18, 12, 15, 16, 11, 16, 21, 20, 12, 10, 16, 15, 18

## Estimated acquisition range

$45.4k to $90.7k (2-4x the trailing net annuity of $22.7k/year). Same error range applies.

## Markets by review language

- koreana: 1% (game NOT localized in this language)
- russian: 0% (game NOT localized in this language)
- japanese: 9%
- schinese: 75%
- german: 0% (game NOT localized in this language)
- spanish: 0% (game NOT localized in this language)
- brazilian: 0% (game NOT localized in this language)
- french: 0% (game NOT localized in this language)
- english: 14%

## Analyst notes (AI-assisted)

A atmospheric Korean visual novel about ghosts and fragmented memory set in an eternal winter town, blending pixel art, glitch effects, and melancholic storytelling.

Ghostpia Season One has maintained steady, if quiet, engagement ($1,890/mo residual) and a 92.8% positive rate across 981 reviews since launch 30 months ago, suggesting a dedicated audience despite zero sales velocity in the past year and minimal developer activity. The title's experimental narrative structure and distinctive visual identity appeal to a niche segment (strong Japanese and Chinese reception noted), but studio fading status and 18-month dev silence raise questions about sequel commitment and long-term IP stewardship. Relevant for publishers seeking dormant catalog plays in the indie visual-novel space or for studios exploring international co-development models with smaller Korean teams.

- Most realistic play: watch
- Risk (tech): Deliberately fragmented narrative and glitch-heavy presentation may alienate mainstream audiences; localization gaps (2.3% gap, Korean top language) suggest incomplete regional polish.
- Risk (other): Studio status listed as 'fading' with only one title in portfolio and no dev communication for 18 months; sequel or expansion viability unclear.
- Risk (market): Zero sales in past 12 months despite positive reviews implies the audience has saturated or moved on; seasonal spikes in velocity suggest event-driven interest rather than organic growth.

What players are asking for:
- Clarity or explanation of the narrative's intentional disjointed structure
- Continuation or resolution (Season Two signals)

Suggested first moves:
1. Request developer/publisher interview to clarify Season Two status and studio trajectory; confirm IP ownership and any existing sequel contracts.
2. Audit regional engagement (Chinese: 632 reviews; Japanese: 74 reviews) to identify whether localized marketing or platform partnerships (e.g., WeChat, console ports) could reignite dormant player bases.
3. Evaluate full player feedback sentiment by language to spot regional narrative preferences; consider whether experimental storytelling is a feature or a barrier in target markets.

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/2192620
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.