# The Banner Saga

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

- Steam appid: 237990
- Developer: Stoic
- Publisher: Stoic Studio
- Released: 2014 · Genre: Indie · List price: $24.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $2.8k to $4.2k per month (mid $3.5k)
- Opportunity score: $7.4k/month at x2.10 dormancy multiplier
- Est. lifetime owners: 1.0M · Est. lifetime net revenue: $5.4M
- Review sentiment: 89% positive across 15941 reviews (13452 from Steam purchases)
- Review velocity: 26.2 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 4.7 years
- Studio active elsewhere (4 titles tracked), so this one may welcome a partner
- Last build shipped 7.9 years ago

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $6.4k |
| After VAT / sales tax (-13% blended) | $5.5k |
| After refunds (-9.5% median) | $5.0k |
| Net to developer (after Steam 30%) | $3.5k |

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

38, 22, 39, 27, 46, 46, 27, 33, 24, 20, 17, 29, 25, 34, 38, 33, 50, 41, 36, 34, 14, 22, 27, 24

## Estimated acquisition range

$84.3k to $168.7k (2-4x the trailing net annuity of $42.2k/year). Same error range applies.

## Analyst notes (AI-assisted)

Norse-inspired tactical RPG with narrative weight and permadeath consequences, built on stylized 2D art and turn-based combat.

The Banner Saga sits in a quiet middle ground: $3.5k/mo residual revenue on a $5.4M lifetime take suggests healthy long-tail appeal and strong review sentiment (89% positive), yet the studio has gone inactive and sales velocity has flatlined. The title owns meaningful IP (Stoic's original franchise with two sequels) and retains engaged replay value. For publishers holding turn-based strategy catalogs or looking to resurrect a dormant but solvent series, acquisition of the full Banner Saga trilogy could unlock revival potential through modern platforms (Switch, mobile), localization expansion, or bundle play.

- Most realistic play: acquisition
- Risk (tech): Engine (Unity 4.x era) and save-scumming friction noted in reviews suggest modernization friction if porting to mobile or next-gen consoles.
- Risk (market): Turn-based tactics genre has densified since 2014; title lacks mainstream discovery momentum (26 reviews/mo, zero discounts in 2+ years signals organic stagnation).
- Risk (other): Developer studio status dormant for 57 months; IP stewardship, sequel roadmap clarity, and creative rights transfer chain require due diligence.

What players are asking for:
- Fixes to final boss difficulty balance and save system friction
- Port to Nintendo Switch and mobile platforms
- Clarification on sequel availability and cross-platform progression

Suggested first moves:
1. Confirm IP ownership chain and development rights; negotiate exclusive acquisition of all three Banner Saga titles and associated assets from Stoic/current rights holder.
2. Audit technical debt: scope Unity engine upgrade, mobile/console port feasibility, and save system refactor cost against $7.4k/mo opportunity upside.
3. Test limited revival campaign on existing Steam audience (e.g., 30% flash sale, targeted marketing to tactics/SRPG audiences, sequel bundle announcement) to validate demand elasticity before full investment.

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/237990
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.