# School Ghost Stories

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

- Steam appid: 3775540
- Developer: M-Gentlemen Afterparty
- Publisher: Saikey Studios
- Released: 2026 · Genre: Adventure · List price: $9.99
- Deal grade: B (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $625 to $938 per month (mid $782)
- Opportunity score: $1.3k/month at x1.60 dormancy multiplier
- Est. lifetime owners: 992 · Est. lifetime net revenue: $3.3k
- Review sentiment: 90% positive across 41 reviews (31 from Steam purchases)
- Review velocity: 9.3 reviews/month (6-month average)

## Why it's flagged

- No developer announcement on record, ever
- Last build shipped 7 months ago
- Store page localized in only 4 language(s)

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $1.4k |
| After VAT / sales tax (-13% blended) | $1.2k |
| After refunds (-9.5% median) | $1.1k |
| Net to developer (after Steam 30%) | $782 |

## Monthly review counts, oldest to newest (3 months)

22, 4, 2

## Estimated acquisition range

$18.8k to $37.5k (2-4x the trailing net annuity of $9.4k/year). Same error range applies.

## Markets by review language

- japanese: 8%
- schinese: 38%
- brazilian: 4% (game NOT localized in this language)
- english: 42%
- russian: 8% (game NOT localized in this language)

Localization gap: 12% of measured reviews are written in languages the game does not support (top: russian). 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/3775540
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.