# Spelunky

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

- Steam appid: 239350
- Developer: Mossmouth
- Released: 2013 · Genre: Indie · List price: $14.99
- Deal grade: B (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $2.2k to $3.4k per month (mid $2.8k)
- Opportunity score: $4.2k/month at x1.50 dormancy multiplier
- Est. lifetime owners: 1.1M · Est. lifetime net revenue: $3.5M
- Review sentiment: 92% positive across 16648 reviews (14644 from Steam purchases)
- Review velocity: 34.7 reviews/month (6-month average)

## Why it's flagged

- Developer active, last post 3 months ago
- Studio active elsewhere (3 titles tracked), so this one may welcome a partner
- Last build shipped 5.0 years ago
- Last discounted 1 months ago, 4 sales in the last 12 months

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $5.1k |
| After VAT / sales tax (-13% blended) | $4.4k |
| After refunds (-9.5% median) | $4.0k |
| Net to developer (after Steam 30%) | $2.8k |

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

44, 35, 38, 29, 77, 61, 47, 44, 33, 38, 34, 50, 31, 26, 41, 44, 34, 51, 34, 33, 32, 37, 31, 41

## Estimated acquisition range

$67.0k to $134.0k (2-4x the trailing net annuity of $33.5k/year). Same error range applies.

## Analyst notes (AI-assisted)

A roguelike platformer with procedural dungeons, minimal controls, and punishing difficulty that became an indie foundational text.

Spelunky remains a quiet revenue generator at $2.8k/mo residual with minimal marketing lift, strong evergreen reviews (92% positive), and cross-platform legs dating to 2008 XBLA. The title has durable IP value and a proven sequel (Spelunky 2), but the 2013 original shows zero declining velocity and stable 35/mo reviews. For a catalog acquirer or revival publisher, this is a low-risk, low-maintenance back-catalog anchor; for a studio CEO, it signals Mossmouth's sustainable indie model and validates the franchise IP if Spelunky 2 optimization or spin-offs are under consideration.

- Most realistic play: watch
- Risk (tech): At least one recent review flags screen resolution crashes on current hardware; input/display compatibility may require maintenance to keep sales stable on newer OS versions.
- Risk (market): Presence of Spelunky 2 cannibalizes new player acquisition; the original's $2.8k/mo residual may reflect mature audience playing for nostalgia or challenge rather than growth potential.
- Risk (other): Developer posted 3 months ago but studio maintains only 3 titles total; limited bandwidth for updates or community engagement despite healthy reviews.

What players are asking for:
- Hardware/OS compatibility fixes for screen resolution and crash issues
- Cross-platform parity (console veterans note they prefer console builds)
- Quality-of-life UI improvements (mentioned in partial review text)

Suggested first moves:
1. Commission a technical audit on Windows 10/11 and macOS compatibility, especially display scaling and resolution handling, to eliminate the crash reports blocking new player conversions.
2. Analyze Spelunky 2 sales and concurrent player data to understand whether a modest price discount or bundle strategy on the original could re-activate lapsed players without cannibalizing the sequel.
3. If acquiring the franchise or studio, prioritize the IP itself and the audience loyalty signal; the original is a maintenance asset, not a growth play, but it anchor a larger indie catalog or fund development of adjacent titles under the Spelunky umbrella.

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/239350
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.