# Incantation

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

- Steam appid: 2328540
- Developer: SOFTSTAR ENTERTAINMENT
- Released: 2024 · Genre: Adventure · List price: $16.99
- Deal grade: B (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $2.0k to $3.0k per month (mid $2.5k)
- Opportunity score: $4.2k/month at x1.65 dormancy multiplier
- Est. lifetime owners: 35.1k · Est. lifetime net revenue: $174.3k
- Review sentiment: 74% positive across 1186 reviews (1097 from Steam purchases)
- Review velocity: 20.3 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 20 months
- Studio active elsewhere (14 titles tracked), so this one may welcome a partner
- Last build shipped 20 months ago

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $4.6k |
| After VAT / sales tax (-13% blended) | $4.0k |
| After refunds (-9.5% median) | $3.6k |
| Net to developer (after Steam 30%) | $2.5k |

## Monthly review counts, oldest to newest (21 months)

667, 116, 26, 14, 22, 11, 29, 13, 27, 9, 19, 15, 22, 19, 18, 24, 21, 17, 17, 29, 14

## Estimated acquisition range

$60.6k to $121.2k (2-4x the trailing net annuity of $30.3k/year). Same error range applies.

## Markets by review language

- english: 9%
- schinese: 84%
- french: 0% (game NOT localized in this language)
- german: 1% (game NOT localized in this language)
- koreana: 4% (game NOT localized in this language)
- russian: 1% (game NOT localized in this language)
- spanish: 0% (game NOT localized in this language)
- japanese: 2%
- brazilian: 0% (game NOT localized in this language)

## Analyst notes (AI-assisted)

Incantation is a 2024 adventure title from Softstar Entertainment with light horror elements and narrative focus.

Incantation is generating $2.5k/mo residual revenue on a $174k lifetime base, driven primarily by Chinese-language players (738 of 1,097 Steam reviews in Simplified Chinese). The game shows classic dormant-title signals: zero promotions in 12 months, developer radio silence for 20 months, and studio status flagged as fading. However, the 73.6% positive rate and strong Asian regional traction suggest either a regional hit undermonetized on global Steam, or a candidate for localized publishing revival in mainland China or Taiwan if rights clarity is confirmed.

- Most realistic play: watch
- Risk (market): Player feedback indicates short playtime relative to $16.99 price point; value perception may limit upside from price increases or seasonal promotions.
- Risk (other): Developer has posted nothing in 20 months and studio flagged as fading; IP stewardship and future content support are in question.
- Risk (other): 7.5% key reseller share and zero tracked sales on ITAD suggest minimal secondary distribution; most revenue is direct Steam.

What players are asking for:
- More substantial gameplay length relative to asking price
- Clarification of horror vs. narrative balance in marketing

Suggested first moves:
1. Verify IP ownership and publishing contract terms with Softstar Entertainment; confirm developer retention or acquisition feasibility given studio status.
2. Analyze Chinese-market player acquisition source (organic, paid, regional streaming) and test appetite for Simplified Chinese storefront exclusivity or regional publisher partnership.
3. Model pricing and discount cadence assuming 2.5–3k/mo baseline: test seasonal bundling, category discounts, and cross-franchise bundling with Softstar's other 11 titles to unlock opportunity_usd gap ($1.6k/mo upside identified).

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/2328540
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.