# Shovel Knight: Treasure Trove

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

- Steam appid: 250760
- Developer: Yacht Club Games
- Released: 2014 · Genre: Action · List price: $39.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $10.6k to $15.9k per month (mid $13.3k)
- Opportunity score: $19.9k/month at x1.50 dormancy multiplier
- Est. lifetime owners: 1.1M · Est. lifetime net revenue: $9.1M
- Review sentiment: 96% positive across 16889 reviews (14192 from Steam purchases)
- Review velocity: 61.7 reviews/month (6-month average)

## Why it's flagged

- Developer active, last post 3 months ago
- Studio active elsewhere (4 titles tracked), so this one may welcome a partner
- Last build shipped 5.5 years ago
- Last discounted 1 months ago, 6 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 | $24.1k |
| After VAT / sales tax (-13% blended) | $20.9k |
| After refunds (-9.5% median) | $18.9k |
| Net to developer (after Steam 30%) | $13.3k |

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

52, 39, 42, 41, 76, 80, 35, 52, 40, 45, 85, 91, 51, 42, 48, 45, 53, 54, 32, 30, 30, 103, 115, 60

## Estimated acquisition range

$318.0k to $636.1k (2-4x the trailing net annuity of $159.0k/year). Same error range applies.

## Analyst notes (AI-assisted)

Shovel Knight: Treasure Trove is a 2014 NES-style action platformer that bundles four interconnected campaigns with pixel art, chiptune music, and challenging level design.

This title sits in the sweet spot of indie durability: $9.1M lifetime revenue, 95% positive reviews, and still generating $13.2K/mo with minimal marketing spend. The 4-campaign structure and cross-campaign cameos (Battletoads integration noted) create genuine replay value and franchise depth. Best suited for a publisher evaluating long-tail catalog consolidation or a platform seeking proven evergreen content; less urgent for studio revival, since Yacht Club remains active and the game shows no signs of technical decay.

- Most realistic play: watch
- Licensed IP: the game is built on third-party intellectual property
- Risk (licensed_ip): Battletoads cameo likely requires Rare/Microsoft licensing; any revival or re-release campaign must audit third-party integration clearances.
- Risk (market): 2D platformer saturation means organic discovery has plateaued; only targeted campaigns or bundle placement will lift velocity meaningfully above current $13.2K/mo.
- Risk (other): One player flagged epilepsy-triggering flashing in mandatory sections; accessibility audit and potential patch required before any console or mobile port.

What players are asking for:
- More campaigns or spin-off titles in the Shovel Knight universe
- Console ports (ongoing interest from 3DS veterans returning to PC)
- Expanded lore and character development beyond the four core campaigns

Suggested first moves:
1. Audit IP clearances on all third-party cameos and integrations before considering any expansion or licensing deal.
2. Request telemetry from Yacht Club on which campaigns drive the highest session count and replay; concentrate any revival marketing on the strongest performer.
3. Commission accessibility audit on flashing sequences and develop a patch; this will unlock potential console/mobile ports and remove a material barrier to audience growth.

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/250760
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.