# Iconoclasts

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

- Steam appid: 393520
- Developer: Joakim Sandberg
- Publisher: Bifrost Entertainment
- Released: 2018 · Genre: Action · List price: $19.99
- Deal grade: B (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $1.4k to $2.1k per month (mid $1.8k)
- Opportunity score: $3.8k/month at x2.10 dormancy multiplier
- Est. lifetime owners: 207.8k · Est. lifetime net revenue: $893.1k
- Review sentiment: 86% positive across 5004 reviews (4157 from Steam purchases)
- Review velocity: 16.7 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 3.5 years
- Studio inactive: no public activity across 1 tracked titles
- Last build shipped 7.9 years ago
- Last discounted 1 months ago, 8 sales in the last 12 months
- Proven demand elasticity: x1.3 review velocity during past deep sales

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $3.3k |
| After VAT / sales tax (-13% blended) | $2.8k |
| After refunds (-9.5% median) | $2.6k |
| Net to developer (after Steam 30%) | $1.8k |

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

27, 18, 22, 18, 26, 23, 12, 20, 19, 24, 8, 22, 24, 17, 16, 20, 21, 19, 15, 16, 11, 20, 16, 22

## Estimated acquisition range

$43.0k to $85.9k (2-4x the trailing net annuity of $21.5k/year). Same error range applies.

## Analyst notes (AI-assisted)

A 2018 pixel-art metroidvania by solo developer Joakim Sandberg featuring puzzle-combat, environmental storytelling, and strong narrative design.

Iconoclasts has quietly maintained 86% positive sentiment and $1.79k/mo residual revenue across 207k lifetime units despite minimal recent marketing or developer activity. The game sits in a stable, profitable quiet state that appeals to a specific metroidvania audience. Acquisition interest should center on: (1) potential IP revival under active publishing stewardship, (2) localization and platform expansion (currently 8 languages, 16.9% key-shop sales), or (3) licensing the core narrative and world for adaptation. The single-developer origin and apparent developer dormancy create both appeal (pure, singular vision) and risk (no living maintenance pipeline).

- Most realistic play: revival
- Risk (tech): Developer has posted no updates in 41.5 months; unclear whether codebase is documented or maintainable for platform updates, DLC, or ports.
- Risk (market): Player feedback shows persistent friction on puzzle difficulty and navigation UX (lack of full map, unclear progression hints); these pain points may require design revisits to expand appeal beyond core metroidvania fans.
- Risk (other): Studio status shows single title only; acquisition of this IP does not bring forward a larger dev team or future pipeline.

What players are asking for:
- Full-world map display instead of single-area view
- Clearer guidance on hidden chest locations and puzzle solutions
- Gameplay pacing improvements (players cite slow traversal between areas)
- Tweaks system refinement (balancing difficulty options)

Suggested first moves:
1. Audit the codebase and design documentation; determine feasibility of feature patches (map UI, difficulty balancing, new content) under new stewardship.
2. Conduct player cohort analysis on the 8-12 hour play-time cliff visible in reviews; prototype and A/B test navigation and hint-system improvements.
3. Explore platform and regional expansion (console ports, new localizations, partnership with subscription services) given the game's 86% positive ratio and low current discounting (max 80%, last sale 1.4 months ago).

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/393520
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.