# The Walking Dead: Michonne - A Telltale Miniseries

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

- Steam appid: 429570
- Developer: Telltale Games
- Publisher: Skybound Games
- Released: 2016 · Genre: Adventure · List price: $14.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $2.1k to $3.2k per month (mid $2.7k)
- Opportunity score: $5.6k/month at x2.10 dormancy multiplier
- Est. lifetime owners: 391.1k · Est. lifetime net revenue: $1.3M
- Review sentiment: 81% positive across 8219 reviews (6017 from Steam purchases)
- Review velocity: 33.3 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 10.5 years
- Studio active elsewhere (6 titles tracked), so this one may welcome a partner
- Last build shipped 10.5 years ago
- Last discounted 1 months ago, 7 sales in the last 12 months

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $4.9k |
| After VAT / sales tax (-13% blended) | $4.2k |
| After refunds (-9.5% median) | $3.8k |
| Net to developer (after Steam 30%) | $2.7k |

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

44, 33, 30, 39, 53, 36, 29, 32, 25, 24, 45, 49, 37, 24, 86, 82, 78, 63, 31, 50, 31, 22, 26, 40

## Estimated acquisition range

$64.4k to $128.9k (2-4x the trailing net annuity of $32.2k/year). Same error range applies.

## Analyst notes (AI-assisted)

A three-episode narrative adventure set in The Walking Dead universe, focusing on Michonne's backstory and survival through choice-driven storytelling.

Michonne earned $1.26M lifetime on modest unit sales, holding 80% positive sentiment with a lean active community still generating 33 reviews/month. The title sits dormant under Skybound Games' stewardship with minimal developer engagement for 125 months, yet continues earning $2.7K/mo residual revenue. This is an acquisition candidate for a publisher seeking proven Walking Dead IP leverage and a catalog title capable of monetization refresh without major development lift.

- Most realistic play: acquisition
- Licensed IP: the game is built on third-party intellectual property
- Risk (licensed_ip): Walking Dead license held by Skybound Entertainment; game ownership does not include franchise rights, limiting sequel or cross-promotion upside.
- Risk (tech): Built on deprecated Telltale engine; modernization would require significant investment despite stable current performance.
- Risk (market): Franchise fatigue in narrative adventure space post-Telltale shutdown; differentiation difficult without new content or mechanics.

What players are asking for:
- More content or sequel continuation of Michonne's arc
- Quality parity with earlier The Walking Dead seasons
- Extended playtime beyond 3-4 hours

Suggested first moves:
1. Confirm license terms with Skybound Entertainment: verify remaining term, renewal costs, and constraints on updates or localizations.
2. Audit technical debt: scope engine upgrade costs and compatibility with modern platforms (current builds may lose storefront visibility within 24-36 months).
3. Model refresh scenarios: pricing test ($9.99 vs. $14.99), seasonal sales cadence, and bundling with The Walking Dead S1 to test cross-sell elasticity.

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/429570
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.