# Aragami

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

- Steam appid: 280160
- Developer: Lince Works
- Released: 2016 · Genre: Action · List price: $19.99
- Deal grade: B (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $1.9k to $2.9k per month (mid $2.4k)
- Opportunity score: $3.9k/month at x1.60 dormancy multiplier
- Est. lifetime owners: 664.7k · Est. lifetime net revenue: $2.9M
- Review sentiment: 90% positive across 12991 reviews (10226 from Steam purchases)
- Review velocity: 22.5 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 3.5 years
- Studio active elsewhere (2 titles tracked), so this one may welcome a partner
- Last build shipped 9 months 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 | $4.4k |
| After VAT / sales tax (-13% blended) | $3.8k |
| After refunds (-9.5% median) | $3.5k |
| Net to developer (after Steam 30%) | $2.4k |

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

34, 49, 28, 26, 65, 48, 34, 39, 21, 29, 28, 38, 30, 37, 30, 28, 32, 27, 19, 21, 15, 30, 24, 26

## Estimated acquisition range

$58.0k to $116.0k (2-4x the trailing net annuity of $29.0k/year). Same error range applies.

## Analyst notes (AI-assisted)

A 2016 stealth-action game with stylized art where players control a shadow assassin using teleportation and elimination mechanics across puzzle-like level design.

Aragami sits in a quiet zone with $2.4k/mo residual revenue and 89.97% positive Steam reception, but development has been inactive for 3.5+ years with minimal platform engagement. The franchise has a sequel (Aragami 2), making this original title a potential catalog acquisition for publishers seeking proven IP with low ongoing support costs, a modding-ready art foundation, and room for DLC revivals or a next-gen port. Ideal buyer: indie-friendly publisher filling stealth-action gaps or a studio wanting to revive the IP on console or mobile.

- Most realistic play: acquisition
- Risk (tech): Codebase and engine (likely Unity) are 8+ years old; next-platform ports (console, VR, mobile) would require modernization.
- Risk (market): Stealth-action is crowded; sequel (Aragami 2) already exists and may cannibalize or fragment audience interest in the original.
- Risk (other): Developer Lince Works has only 2 titles on record; no active community management or patch cadence for 3.5 years suggests low operational overhead but also limited institutional stealth-design expertise post-acquisition.

What players are asking for:
- Better depth and variety in stealth mechanics beyond teleportation and elimination (review 2)
- Expanded upgrade and loadout system (review 6)
- Stronger narrative and character development (review 4)
- Console ports or ports to newer platforms to reach wider audience

Suggested first moves:
1. Audit Lince Works IP ownership and engine code licensing; confirm no third-party dependencies that would block porting or commercial revival.
2. Analyze Aragami 2 sales and player overlap to model cannibalization risk; assess whether remastering the original or licensing it as a back-catalog title is more efficient.
3. Commission small user survey on console and mobile interest; stealth games (especially with strong aesthetic) port well; test appetite for a Switch/PlayStation refresh or mobile adaptation.

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/280160
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.