# Penumbra: Black Plague Gold Edition

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

- Steam appid: 22120
- Developer: Frictional Games
- Released: 2009 · Genre: Action · List price: $9.99
- Deal grade: B (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $752 to $1.1k per month (mid $939)
- Opportunity score: $2.4k/month at x2.60 dormancy multiplier
- Est. lifetime owners: 205.8k · Est. lifetime net revenue: $441.9k
- Review sentiment: 94% positive across 2965 reviews (2744 from Steam purchases)
- Review velocity: 17.5 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 2.3 years
- Studio active elsewhere (6 titles tracked), so this one may welcome a partner
- Last build shipped 11.9 years ago
- Store page localized in only 1 language(s)
- 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 | $1.7k |
| After VAT / sales tax (-13% blended) | $1.5k |
| After refunds (-9.5% median) | $1.3k |
| Net to developer (after Steam 30%) | $939 |

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

18, 12, 19, 14, 23, 26, 13, 22, 11, 21, 12, 18, 12, 15, 22, 9, 32, 35, 12, 19, 18, 20, 22, 14

## Missed seasonal-sale revenue (modeled)

Skipped 12 Steam seasonal sale window(s) in the last 24 months. Running a -50% discount in those windows is modeled at +$6.6k 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

$22.5k to $45.1k (2-4x the trailing net annuity of $11.3k/year). Same error range applies.

## Analyst notes (AI-assisted)

Penumbra: Black Plague Gold Edition is a 2009 first-person survival horror puzzle game from Frictional Games, the second entry in the Penumbra series.

This title generates $940/mo residual revenue on a $10 price point with 94% positive reviews and steady organic discovery (17.5 reviews/mo, 6-month average), unusual for a 15-year-old indie horror game. The community remains engaged despite zero discounting in 48 months and no developer activity for 28 months, suggesting the game has achieved quiet, durable evergreen status. Realistic opportunity: watch for acquisition if Frictional Games seeks liquidity on its back catalog, or publishing deal to port the series to modern platforms (VR, console) where period survival horror has renewed appeal.

- Most realistic play: watch
- Risk (tech): Engine is 15 years old; modern OS/GPU compatibility may require port investment.
- Risk (market): Survival horror is cyclical; current player appetite unclear without active community engagement signals.
- Risk (other): Developer radio silence (28 months) suggests no roadmap for updates or DLC, limiting monetization upside.

What players are asking for:
- Console port (Switch, PlayStation, Xbox mentioned in historical threads)
- VR support or remake using modern engine
- Remaster of both Penumbra titles with updated graphics
- Sequel or spiritual successor in the IP

Suggested first moves:
1. Model porting costs to Switch/PS5 and estimate uplift against current $940/mo baseline; 2D remake or VR adaptation could justify acquisition if Frictional Games catalog is in scope.
2. Audit IP ownership and franchise rights for both Penumbra titles; confirm no third-party claims block revival or derivative works.
3. Conduct soft outreach to Frictional Games leadership to gauge appetite for M&A or publishing partnership; highlight the durability of this long-tail revenue and community desire for modernization.

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/22120
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.