# Darkwood

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

- Steam appid: 274520
- Developer: Acid Wizard Studio
- Publisher: Hooded Horse
- Released: 2017 · Genre: Action · List price: $19.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $18.4k to $27.7k per month (mid $23.1k)
- Opportunity score: $30.0k/month at x1.30 dormancy multiplier
- Est. lifetime owners: 1.2M · Est. lifetime net revenue: $5.2M
- Review sentiment: 95% positive across 24821 reviews (22081 from Steam purchases)
- Review velocity: 214.7 reviews/month (6-month average)

## Why it's flagged

- Developer active, last post 2 months ago
- Last build shipped 32 months ago

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $41.9k |
| After VAT / sales tax (-13% blended) | $36.4k |
| After refunds (-9.5% median) | $33.0k |
| Net to developer (after Steam 30%) | $23.1k |

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

213, 482, 379, 256, 283, 220, 211, 195, 211, 230, 170, 284, 194, 174, 201, 239, 221, 340, 163, 274, 215, 160, 192, 284

## Estimated acquisition range

$553.4k to $1.1M (2-4x the trailing net annuity of $276.7k/year). Same error range applies.

## Markets by review language

- french: 1%
- english: 50%
- japanese: 0% (game NOT localized in this language)
- schinese: 17%
- brazilian: 9%
- german: 1%
- koreana: 1% (game NOT localized in this language)
- russian: 16%
- spanish: 5%

## Analyst notes (AI-assisted)

Darkwood is a top-down survival horror game set in a Polish forest, blending isometric perspective, psychological atmosphere, and permadeath mechanics with crafting and base defense.

Darkwood has shipped 1.2M units and generated $5.2M net lifetime on a indie budget, with 95% positive reviews and 215 new reviews per month six years post-launch. The game sustains $23k/mo residual revenue with zero promotional discounting, indicating strong organic word-of-mouth and niche durability. For a publisher or studio acquiring Hooded Horse's catalog, Darkwood represents a proven IP foundation: the community explicitly demands a sequel, the developer (Acid Wizard Studio, single-title shop) remains active, and the 31-month-old build suggests capacity for meaningful updates or a full follow-up.

- Most realistic play: acquisition
- Risk (market): Niche appeal (top-down, slow-burn, permadeath mechanics) limits mainstream ceiling; players report tutorial friction and time-management tedium that screen out casual audiences.
- Risk (tech): Build is 31 months old; modern platform requirements, multiplayer desire, and modding requests (noted in reviews) may require investment to preserve residual revenue during transition.
- Risk (other): Single developer studio with one title increases sequel execution risk; institutional knowledge of the Darkwood atmosphere and design discipline is concentrated.

What players are asking for:
- Darkwood 2 or sequel confirmation
- Mod support or modding tools
- Quality-of-life improvements: faster traversal, optional time limits, inventory streamlining
- Expanded lore or DLC content exploring character backstories

Suggested first moves:
1. Secure exclusive publishing/distribution deal or studio acquisition with Hooded Horse to lock Darkwood 2 production rights and catalog control; confirm developer retention and sequel timeline.
2. Commission player telemetry audit and mod-request mapping to identify low-friction QoL updates (fast-travel toggles, optional permadeath scaling) that preserve atmosphere while reducing churn; prioritize Korean localization (11% language gap, 171 reviews).
3. Evaluate anthology or prequel IP expansion (e.g., DLC episodes, tabletop adaptation, narrative companion) to sustain $20k+/mo residual while development of sequel scales; leverage 94.8% positive score for marketing repositioning in horror-discovery communities (Reddit, TikTok, YouTube).

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/274520
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.