# The Shell Part II: Purgatorio

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

- Steam appid: 2712550
- Developer: Innocent Grey
- Publisher: Shiravune
- Released: 2024 · Genre: Adventure · List price: $24.99
- Deal grade: B (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $2.0k to $3.0k per month (mid $2.5k)
- Opportunity score: $4.1k/month at x1.65 dormancy multiplier
- Est. lifetime owners: 18.3k · Est. lifetime net revenue: $133.7k
- Review sentiment: 95% positive across 677 reviews (572 from Steam purchases)
- Review velocity: 13.5 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 19 months
- Studio active elsewhere (9 titles tracked), so this one may welcome a partner
- Last build shipped 19 months ago
- Store page localized in only 3 language(s)
- Last discounted 0 months ago, 10 sales in the last 12 months

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $4.5k |
| After VAT / sales tax (-13% blended) | $3.9k |
| After refunds (-9.5% median) | $3.5k |
| Net to developer (after Steam 30%) | $2.5k |

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

18, 12, 21, 21, 26, 26, 27, 22, 13, 15, 7, 11, 17, 14, 16, 7, 23, 12, 9, 9, 17, 14, 15, 17

## Missed seasonal-sale revenue (modeled)

Skipped 1 Steam seasonal sale window(s) in the last 24 months. Running a -50% discount in those windows is modeled at +$1.1k net in total, assuming a unit uplift of x3.0 (industry-typical for old catalog titles). Same ±30-50% error range applies.

## Estimated acquisition range

$59.2k to $118.3k (2-4x the trailing net annuity of $29.6k/year). Same error range applies.

## Markets by review language

- english: 19%
- koreana: 0% (game NOT localized in this language)
- russian: 2% (game NOT localized in this language)
- spanish: 1% (game NOT localized in this language)
- schinese: 78%
- brazilian: 0% (game NOT localized in this language)
- french: 0% (game NOT localized in this language)
- german: 0% (game NOT localized in this language)

## Analyst notes (AI-assisted)

The Shell Part II: Purgatorio is a narrative-driven visual novel adventure sequel from Innocent Grey, published by Shiravune in 2024.

A quiet, high-sentiment title (94.5% positive, 677 reviews) generating $2.5k/mo residual revenue on $24.99 positioning with minimal recent promotion. The game sits dormant relative to its opportunity ($4.1k/mo), suggesting pricing or discount strategy misalignment rather than content weakness. Relevant for revival-campaign consideration by publishers seeking catalog uplift or by localization partners eager to close the Russian-language gap (3.3% shortfall).

- Most realistic play: revival
- Risk (market): Visual-novel genre carries niche audience ceiling; mainstream appeal remains limited despite strong sentiment.
- Risk (other): Community sentiment tied to franchise narrative continuity (reviewer grief over character death); future installments or spinoffs may struggle without transparent story roadmap.
- Risk (tech): 18 months post-launch with no developer posts; studio engagement appears minimal, raising questions about patch cadence and platform support.

What players are asking for:
- Clarity on franchise narrative direction and character-fate canon
- Additional localization, especially Russian (current gap 3.3%)
- Community engagement or development updates from studio

Suggested first moves:
1. Run localization audit: Russian subtitles and UI localization could unlock 5-8% revenue uplift given language-review concentration (9 RU reviews, 406 Simplified Chinese reviews suggesting prior localization success).
2. A/B test $17.99 price point with 25% discount flash campaigns (max historical discount: 50%); elasticity of 0.79 suggests modest volume upside from pricing moves.
3. Secure developer statement or roadmap excerpt for Part III or director's retrospective; community sentiment is tied to narrative confidence, and silence compounds perception of drift.

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/2712550
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.