# Shadow Tactics: Blades of the Shogun

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

- Steam appid: 418240
- Developer: Mimimi Games
- Publisher: Daedalic Entertainment
- Released: 2016 · Genre: Indie · List price: $39.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $11.9k to $17.9k per month (mid $14.9k)
- Opportunity score: $27.6k/month at x1.85 dormancy multiplier
- Est. lifetime owners: 2.0M · Est. lifetime net revenue: $17.2M
- Review sentiment: 96% positive across 38394 reviews (30782 from Steam purchases)
- Review velocity: 69.5 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 24 months
- Studio active elsewhere (5 titles tracked), so this one may welcome a partner
- Last build shipped 4.5 years ago
- Last discounted 1 months ago, 11 sales in the last 12 months

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $27.1k |
| After VAT / sales tax (-13% blended) | $23.6k |
| After refunds (-9.5% median) | $21.3k |
| Net to developer (after Steam 30%) | $14.9k |

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

116, 138, 110, 101, 128, 141, 140, 124, 99, 81, 116, 119, 78, 76, 95, 82, 78, 83, 74, 82, 63, 64, 70, 64

## Missed seasonal-sale revenue (modeled)

Skipped 2 Steam seasonal sale window(s) in the last 24 months. Running a -50% discount in those windows is modeled at +$19.7k net in total, assuming a unit uplift of x3.0 (industry-typical for old catalog titles). Same ±30-50% error range applies.

## Estimated acquisition range

$358.4k to $716.9k (2-4x the trailing net annuity of $179.2k/year). Same error range applies.

## Markets by review language

- english: 33%
- russian: 5%
- schinese: 47%
- french: 2%
- koreana: 4%
- spanish: 3%
- japanese: 1%
- brazilian: 3%
- german: 2%

## Analyst notes (AI-assisted)

A real-time stealth-tactics game set in Edo-period Japan that revived and modernized the Commandos/Desperados genre.

Shadow Tactics remains a quiet earner, generating $14,935/mo residually across 2M+ lifetime units on a 54-month-old title with 96% positive reception. The steep elasticity (1.16) and recent pricing hold (0% discount, last deep sale 0.69 months ago) suggest room for aggressive pricing tests or bundling. For Daedalic or an acquirer, the core appeal is Mimimi's proven mastery of a dormant but dedicated niche: players explicitly cite the game as their entry point to real-time tactics, and the studio's follow-up titles perform similarly well, hinting at franchise potential and a loyal audience ready for sequels or spin-offs.

- Most realistic play: acquisition
- Risk (market): RTT/stealth-tactics is structurally niche, limiting ceiling for mainstream marketing spend.
- Risk (tech): Build is 54 months old; engine maintenance and platform drift (especially mobile/next-gen console ports) may require ongoing investment.
- Risk (other): Player comments note iteration fatigue: same character archetypes, abilities, and enemy types across missions, limiting replay novelty in extended play.

What players are asking for:
- Expanded character backstories and progression arcs beyond main campaign
- Harder difficulty modes and procedural/randomized mission variants for replayability
- Console ports (players reference PS4 playthroughs) and cross-save support
- Editor tools or user-generated mission support

Suggested first moves:
1. Price elasticity test: run A/B discount campaigns at 15%, 25%, and 40% to measure velocity lift and margin trade-off; 1.16 elasticity suggests meaningful upside at $29.99 entry point.
2. Audit Mimimi's other RTT titles (Desperados III, Hard West II) for cross-bundle and loyalty mechanics; if studio is underlevering back-catalog sales to Shadow Tactics buyers, bundle strategy could unlock $5-10k/mo.
3. Commission a lightweight mod-support or mission-editor pilot for top 200 players to test user-generated content as retention lever; even 5-10% of 2M owners generating repeatable engagement could regenerate review velocity (currently 69.5/mo) and unlock long-tail sales.

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/418240
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.