# Warhammer: End Times - Vermintide

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

- Steam appid: 235540
- Developer: Fatshark
- Released: 2015 · Genre: Action · List price: $29.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $2.6k to $3.8k per month (mid $3.2k)
- Opportunity score: $6.7k/month at x2.10 dormancy multiplier
- Est. lifetime owners: 887.2k · Est. lifetime net revenue: $5.7M
- Review sentiment: 80% positive across 21438 reviews (13649 from Steam purchases)
- Review velocity: 19.8 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 5.4 years
- Studio active elsewhere (6 titles tracked), so this one may welcome a partner
- Last build shipped 7.4 years ago
- Last discounted 1 months ago, 12 sales in the last 12 months
- Proven demand elasticity: x1.7 review velocity during past deep sales

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $5.8k |
| After VAT / sales tax (-13% blended) | $5.0k |
| After refunds (-9.5% median) | $4.6k |
| Net to developer (after Steam 30%) | $3.2k |

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

27, 24, 65, 80, 43, 43, 24, 25, 30, 36, 28, 60, 26, 22, 38, 29, 60, 38, 14, 20, 20, 27, 16, 22

## Estimated acquisition range

$76.7k to $153.4k (2-4x the trailing net annuity of $38.4k/year). Same error range applies.

## Analyst notes (AI-assisted)

Left 4 Dead-style co-op shooter set in Warhammer's grimdark vermintide universe, released 2015.

Vermintide remains quietly profitable at $3,196/mo residual with 80% positive sentiment and 1,212h+ engagement from core players, but a depleted matchmaking pool and 5-year silence from developers have left it dormant. The game's structural dependency on live multiplayer and Fatshark's ongoing focus on Vermintide 2 make revival costly; acquisition for IP/asset leverage or publishing a community-driven update could unlock value from a 887k-unit installed base that still values the original's tighter pacing and map design.

- Most realistic play: revival
- Licensed IP: the game is built on third-party intellectual property
- Risk (licensed_ip): Warhammer IP is owned by Games Workshop; any significant revival or content expansion requires their approval and may trigger licensing costs.
- Risk (multiplayer): Player base is severely fractured; reviews consistently cite empty lobbies outside friend groups, making matchmaking a barrier to onboarding new players.
- Risk (tech): 88+ months since last build suggests engine and backend infrastructure are not receiving active maintenance; modernization would be non-trivial.
- Risk (market): Vermintide 2 already occupies the franchise's mindshare; cannibalisation risk if the original is revived without clear positioning.

What players are asking for:
- Crossplay and matchmaking improvements to restore lobby population
- Visual/performance updates for modern hardware (noted RTX 5090 performance)
- Preservation of original maps and 'concise atmosphere' that some prefer over Vermintide 2's Keep hub

Suggested first moves:
1. Audit Games Workshop IP licensing terms and renewal cost to define acquisition/revival feasibility and scope.
2. Map community sentiment: survey the 887k installed base and active Discord/forums to quantify demand for a modest update (crossplay, matchmaking, balance) versus full revival.
3. Model a low-cost intervention: enable crossplay with Vermintide 2 or implement a 'classic mode' within V2 client to consolidate player base and extract residual lifetime value without parallel development.

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/235540
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.