# Ballads of Hongye: REBORN

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

- Steam appid: 2656540
- Developer: 珠海金山数字网络科技有限公司
- Publisher: 海南西山居互动娱乐科技有限公司
- Released: 2024 · Genre: Casual · List price: $1.99
- Deal grade: B (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $239 to $358 per month (mid $298)
- Opportunity score: $492/month at x1.65 dormancy multiplier
- Est. lifetime owners: 126.8k · Est. lifetime net revenue: $73.8k
- Review sentiment: 85% positive across 4258 reviews (3962 from Steam purchases)
- Review velocity: 20.5 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 19 months
- Studio quiet across its whole catalog
- Last build shipped 19 months ago
- Store page localized in only 1 language(s)

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $541 |
| After VAT / sales tax (-13% blended) | $471 |
| After refunds (-9.5% median) | $426 |
| Net to developer (after Steam 30%) | $298 |

## Monthly review counts, oldest to newest (22 months)

1381, 1207, 311, 224, 90, 93, 52, 100, 125, 73, 40, 50, 70, 40, 32, 28, 33, 21, 20, 18, 12, 19

## Estimated acquisition range

$7.2k to $14.3k (2-4x the trailing net annuity of $3.6k/year). Same error range applies.

## Markets by review language

- spanish: 0% (game NOT localized in this language)
- japanese: 0% (game NOT localized in this language)
- schinese: 97% (game NOT localized in this language)
- brazilian: 0% (game NOT localized in this language)
- french: 0% (game NOT localized in this language)
- english: 2% (game NOT localized in this language)
- koreana: 0% (game NOT localized in this language)
- russian: 1% (game NOT localized in this language)

Localization gap: 100% of measured reviews are written in languages the game does not support (top: schinese). Localizing is likely immediate market expansion.

## 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/2656540
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.