# Ghost of a Tale

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

- Steam appid: 417290
- Developer: SeithCG
- Released: 2018 · Genre: Action · List price: $19.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $2.2k to $3.4k per month (mid $2.8k)
- Opportunity score: $5.9k/month at x2.10 dormancy multiplier
- Est. lifetime owners: 209.9k · Est. lifetime net revenue: $902.1k
- Review sentiment: 91% positive across 5303 reviews (4199 from Steam purchases)
- Review velocity: 26.2 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 5.8 years
- Studio inactive: no public activity across 1 tracked titles
- Last build shipped 7.5 years ago
- Last discounted 1 months ago, 5 sales in the last 12 months
- Proven demand elasticity: x1.5 review velocity during past deep sales

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $5.1k |
| After VAT / sales tax (-13% blended) | $4.4k |
| After refunds (-9.5% median) | $4.0k |
| Net to developer (after Steam 30%) | $2.8k |

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

19, 8, 20, 40, 32, 33, 22, 24, 16, 17, 19, 25, 14, 13, 39, 41, 27, 22, 8, 24, 35, 30, 16, 44

## Estimated acquisition range

$67.5k to $134.9k (2-4x the trailing net annuity of $33.7k/year). Same error range applies.

## Analyst notes (AI-assisted)

A hand-drawn stealth adventure about a mouse knight escaping a cat-ruled castle, with minimal combat and strong narrative appeal.

Ghost of a Tale has generated $902k lifetime on modest sales volume (210k units) and maintains steady residual revenue ($2.8k/mo mid estimate) with a 91% positive rating and active community interest in sequels. The game's sole developer status and dormant publishing infrastructure create acquisition or revival opportunities for studios seeking proven IP with low-risk catalog depth, particularly given confirmed sequel plans and strong emotional attachment from its niche but loyal audience.

- Most realistic play: acquisition
- Risk (other): Developer SeithCG has published only this one title and posted no updates in ~70 months; successor studio structure or IP ownership clarity would be essential due diligence.
- Risk (tech): Player reports of persistent mechanical bugs (gate-state logic, sprint regeneration issues) across review sample suggest maintenance backlog; unfixed issues in a 6-year-old title may indicate engine or codebase fragility.
- Risk (market): Low velocity (5 sales in trailing 12 months) and high elasticity (1.5) indicate price sensitivity; mainstream audience appeal remains niche despite critical success.

What players are asking for:
- Sequel confirmation and release timeline (multiple reviews cite anticipation for Ghost of a Tale 2)
- Toggle sneak button (hold-to-sneak causes controller/keyboard strain complaints)
- Bug fixes: gate state logic failures and sprint regeneration resets
- Save list sorting (most recent save at top)

Suggested first moves:
1. Confirm IP ownership and rights status; verify whether SeithCG retains full control or whether a publisher agreement exists that constrains sequel or licensing options.
2. Audit codebase for gate-state and sprint regeneration bugs; estimate cost of fixing priority UX issues (sneak toggle, save sorting) to prepare for re-release or sequel launch.
3. Evaluate sequel feasibility by connecting with developer or estate; if sequel is already green-lit elsewhere, consider partnership or acquisition of franchise rights rather than standalone game purchase.

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/417290
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.