# Layers of Fear (2016)

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

- Steam appid: 391720
- Developer: Bloober Team SA
- Released: 2016 · Genre: Adventure · List price: $19.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $10.6k to $15.9k per month (mid $13.2k)
- Opportunity score: $19.9k/month at x1.50 dormancy multiplier
- Est. lifetime owners: 851.6k · Est. lifetime net revenue: $3.7M
- Review sentiment: 88% positive across 27646 reviews (13101 from Steam purchases)
- Review velocity: 123.3 reviews/month (6-month average)

## Why it's flagged

- Developer active, last post 6 months ago
- Studio active elsewhere (5 titles tracked), so this one may welcome a partner
- Last build shipped 8.8 years ago
- 53% of reviews come from key activations (excluded from revenue estimates)
- Last discounted 1 months ago, 5 sales in the last 12 months
- Proven demand elasticity: x2.2 review velocity during past deep sales

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $24.1k |
| After VAT / sales tax (-13% blended) | $20.9k |
| After refunds (-9.5% median) | $18.9k |
| Net to developer (after Steam 30%) | $13.2k |

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

16, 17, 16, 97, 425, 140, 78, 53, 41, 28, 48, 34, 23, 24, 29, 28, 25, 21, 257, 127, 126, 108, 55, 67

## Estimated acquisition range

$318.0k to $635.9k (2-4x the trailing net annuity of $159.0k/year). Same error range applies.

## Analyst notes (AI-assisted)

A 2016 first-person psychological horror game where players navigate a shifting Victorian mansion as a painter descending into madness, relying on atmosphere and environmental storytelling rather than combat.

Layers of Fear maintains steady residual revenue of $13.2k/mo on 88% positive reviews and a 9-year-old engine, suggesting durable appeal to the walking-simulator horror niche. However, core gameplay mechanics divide the audience sharply: some players prize the atmospheric immersion, while others find the walking-and-collecting loop thin and repetitive. The 2023 sequel's relative silence and Bloober Team's current focus on new IP (and reported industry struggles) mean the original remains quietly profitable but unlikely to see meaningful post-launch support. For a buyer, the opportunity lies in: (1) whether there is a committed cult audience large enough to justify a spiritual revival or expanded universe entry, (2) whether the franchise IP is fully owned and portable, or (3) whether the engine and narrative framework are valuable enough to repurpose.

- Most realistic play: watch
- Risk (market): Walking-simulator horror with minimal interactivity appeals to a narrow demographic; gameplay criticism in reviews suggests the experience does not scale beyond its current audience.
- Risk (tech): Nine years of engine decay and no major updates in six months may limit appeal to players expecting modern UX and performance standards.
- Risk (other): Bloober Team's recent studio challenges and portfolio churn raise questions about long-term commitment to franchise revivals or spin-offs.

What players are asking for:
- Stronger, more meaningful endings that justify the emotional journey
- Expanded or varied gameplay mechanics beyond walking and collecting
- Clarity on whether a sequel or spiritual successor is in development

Suggested first moves:
1. Audit IP ownership and franchise rights documentation to confirm Bloober Team retains full control and has capacity to license or expand the universe.
2. Conduct cohort analysis of the 851k lifetime players to identify the size and engagement profile of returning players, wishlists, and secondary sales (bundles, regional markets) that may be driving the stable $13.2k/mo baseline.
3. Evaluate whether a low-cost audiobook, short-form video series, or tabletop adaptation could extend the narrative and audience reach without requiring new game development.

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/391720
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.