# The Banner Saga 2

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

- Steam appid: 281640
- Developer: Stoic
- Released: 2016 · Genre: Indie · List price: $24.99
- Deal grade: B (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $1.2k to $1.8k per month (mid $1.5k)
- Opportunity score: $3.1k/month at x2.10 dormancy multiplier
- Est. lifetime owners: 206.6k · Est. lifetime net revenue: $1.1M
- Review sentiment: 90% positive across 3800 reviews (3179 from Steam purchases)
- Review velocity: 11.0 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 4.7 years
- Studio active elsewhere (4 titles tracked), so this one may welcome a partner
- Last build shipped 7.8 years ago
- Last discounted 1 months ago, 4 sales in the last 12 months
- Proven demand elasticity: x1.4 review velocity during past deep sales

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $2.7k |
| After VAT / sales tax (-13% blended) | $2.3k |
| After refunds (-9.5% median) | $2.1k |
| Net to developer (after Steam 30%) | $1.5k |

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

14, 8, 14, 7, 21, 21, 19, 11, 9, 8, 6, 8, 9, 10, 19, 11, 21, 15, 11, 18, 7, 10, 12, 8

## Estimated acquisition range

$35.5k to $70.9k (2-4x the trailing net annuity of $17.7k/year). Same error range applies.

## Analyst notes (AI-assisted)

Norse-inspired turn-based tactical RPG with branching narrative consequences, second entry in The Banner Saga trilogy.

Banner Saga 2 maintains strong community affection (89.6% positive) and steady residual revenue (1.5k/mo) despite minimal recent marketing or developer engagement. The franchise IP is owned by Stoic, an operating independent studio with limited capacity; a publisher revival campaign targeting trilogy completionists and tactical RPG enthusiasts could unlock the dormant opportunity_usd (3.1k/mo) through targeted discounting, console ports, or bundling with the trilogy.

- Most realistic play: publishing
- Risk (market): Turn-based tactical RPG market has intensified since 2016 launch; player acquisition cost may exceed residual opportunity without franchise momentum.
- Risk (tech): Engine and art assets are 8+ years old; console performance or modern platform support may require substantial porting investment.
- Risk (other): Developer last posted 56 months ago; unclear whether Stoic can support rapid iteration or whether IP is available for co-publishing.

What players are asking for:
- Console versions or cross-platform availability
- Bundle pricing with Banner Saga 1 and 3
- Performance optimization for modern hardware
- Expanded lore content or companion media

Suggested first moves:
1. Reach out to Stoic to explore co-publishing or marketing partnership; confirm trilogy bundling rights and any planned updates.
2. Run a deep-sale promotion (50-70% discount) timed to indie strategy game award season or console porting announcement to test elasticity (1.43) and measure uplift vs. residual baseline.
3. Evaluate cost of Unity or Unreal port to Switch/PS5; if under 150k, bundle with light cosmetic or QoL update to justify a 'Complete Edition' re-launch.

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/281640
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.