# Goblin Dungeons

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

- Steam appid: 2197740
- Developer: Loolust
- Released: 2025 · Genre: Adventure · List price: $17.99
- Deal grade: B (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $1.6k to $2.4k per month (mid $2.0k)
- Opportunity score: $3.0k/month at x1.50 dormancy multiplier
- Est. lifetime owners: 8.7k · Est. lifetime net revenue: $52.7k
- Review sentiment: 84% positive across 296 reviews (273 from Steam purchases)
- Review velocity: 13.2 reviews/month (6-month average)

## Why it's flagged

- Developer active, last post 1 months ago
- Studio active elsewhere (15 titles tracked), so this one may welcome a partner
- Last build shipped 3 months ago
- No Steam discount in 4.0 years (deepest tracked: -0%)

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $3.6k |
| After VAT / sales tax (-13% blended) | $3.1k |
| After refunds (-9.5% median) | $2.8k |
| Net to developer (after Steam 30%) | $2.0k |

## Monthly review counts, oldest to newest (9 months)

149, 13, 27, 8, 17, 16, 11, 11, 16

## Missed seasonal-sale revenue (modeled)

Skipped 6 Steam seasonal sale window(s) in the last 9 months. Running a -50% discount in those windows is modeled at +$17.6k net in total, assuming a unit uplift of x3.0 (industry-typical for old catalog titles). Same ±30-50% error range applies.

## Estimated acquisition range

$47.7k to $95.3k (2-4x the trailing net annuity of $23.8k/year). Same error range applies.

## Markets by review language

- brazilian: 1% (game NOT localized in this language)
- french: 4%
- english: 49%
- koreana: 1%
- russian: 41%
- spanish: 0%
- japanese: 0% (game NOT localized in this language)
- schinese: 4%

## Analyst notes (AI-assisted)

A dark-fantasy turn-based roguelike with spell-building mechanics and adult content, released early 2025 by solo developer Loolust.

Goblin Dungeons sits in the profitable long tail of niche adult roguelikes, earning $2k/mo residual with 84% positive sentiment and minimal discount activity. The core loop (2-8 min runs, spell synergy, permadeath progression) resonates strongly with engaged players, but production values and pricing friction are deterring broader adoption. This is a quiet, self-published title with room to grow through targeted localization (Brazilian Portuguese gap flagged) and a modest balance patch addressing grind feedback; not a major IP acquisition, but a stable passive earner worth considering for a catalog play or light publishing support.

- Most realistic play: watch
- Risk (market): Adult content niche limits mainstream appeal and platform partnerships, though positive ratio suggests core audience is healthy.
- Risk (tech): Multiple reviews cite long load times and lazy animation work; technical debt may cap retention if not addressed.
- Risk (market): Pricing at $17.99 is flagged as excessive relative to playtime and production polish; no discounts run in past 4 years suggests either pricing confidence or limited promotional flexibility.

What players are asking for:
- Reduce grind loop; currently requires multiple failed runs to unlock meaningful progression.
- Improve animation quality; players consistently note 'warped' and low-effort animated sequences.
- Optimize load times for short-session experience.
- Consider lower price point or early-access positioning given production scale.

Suggested first moves:
1. Audit localization completeness for Brazilian Portuguese (3 reviews in portfolio; 1.6% loc gap flagged); if incomplete, close the gap to unlock secondary market upside.
2. Run a modest A/B test: temporary 15-20% discount to measure elasticity and conversion lift; 48-month discount silence suggests either strong conviction in $17.99 or untested promotional ceiling.
3. Commission a light balance pass addressing grind feedback (reduce failed-run dependency, accelerate early-run progression) and document it in a free patch; community sentiment suggests 20-30% quality-of-life improvements could shift borderline reviews from 'pass' to 'worth a try'.

Generated 2026-08-21 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/2197740
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.