# Spelunky 2

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

- Steam appid: 418530
- Developer: Mossmouth
- Released: 2020 · Genre: Action · List price: $19.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $8.8k to $13.1k per month (mid $10.9k)
- Opportunity score: $16.4k/month at x1.50 dormancy multiplier
- Est. lifetime owners: 590.0k · Est. lifetime net revenue: $2.5M
- Review sentiment: 93% positive across 21890 reviews (19665 from Steam purchases)
- Review velocity: 101.8 reviews/month (6-month average)

## Why it's flagged

- Developer active, last post 9 months ago
- Studio active elsewhere (3 titles tracked), so this one may welcome a partner
- Last build shipped 3.8 years ago
- Last discounted 1 months ago, 5 sales in the last 12 months

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $19.9k |
| After VAT / sales tax (-13% blended) | $17.3k |
| After refunds (-9.5% median) | $15.6k |
| Net to developer (after Steam 30%) | $10.9k |

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

147, 135, 106, 131, 198, 198, 163, 137, 130, 111, 102, 143, 85, 100, 99, 164, 129, 157, 117, 115, 86, 91, 79, 123

## Estimated acquisition range

$262.5k to $525.1k (2-4x the trailing net annuity of $131.3k/year). Same error range applies.

## Analyst notes (AI-assisted)

A brutally difficult roguelike platformer that refines the original Spelunky formula with procedural cave systems, cooperative multiplayer, and hundreds of failure states designed to teach mastery through repetition.

Spelunky 2 has generated $2.5M lifetime on 590K units at a quiet $11K/mo residual, with 93% positive reviews and sustained engagement (102 reviews/month average) nearly five years post-launch. The title shows no IP licensing encumbrance, stable community sentiment, and minimal developer communication, suggesting opportunity for a publishing partner to drive seasonal events, cross-platform bundling, or console port optimization without major technical debt. Best suited for acquisition by a platform holder or multiplayer-focused indie publisher seeking a catalog anchor with proven 100+ hour player retention.

- Most realistic play: acquisition
- Risk (market): Extreme difficulty curve filters mainstream audiences; 92.8% positive masks a real floor of players who bounce after 1-4 hours citing unfairness, limiting growth without difficulty-balancing modes.
- Risk (multiplayer): Player reports unresolved co-op bugs (Steam overlay blocking area loads) despite 9+ months without dev updates, risking online session quality and retention.
- Risk (tech): No controller rebind support for mouse input flagged by players; minor but signals incomplete accessibility polish that could impede console or new-platform expansion.

What players are asking for:
- Difficulty modes or assist options to reduce gatekeeping for newcomers
- Online co-op bug fixes and stability improvements
- Controller customization and input remapping
- Cross-platform save syncing (PS4/PS5/PC divergence noted)

Suggested first moves:
1. Audit co-op netcode and fix documented Steam overlay blocking issue; prioritize online stability over new features to retain session health.
2. Commission design review on assist modes (adjustable enemy speed, damage multipliers, or checkpoint unlocks) to expand addressable market without diluting hardcore identity.
3. Evaluate console port opportunities (Nintendo Switch technical fit, PlayStation 5 performance mode) and cross-save infrastructure to capture platform-switching whales (reviewer noted 180h+ across PS4/PS5/Steam).

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/418530
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.