# Attack on Titan / A.O.T. Wings of Freedom

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

- Steam appid: 449800
- Developer: KOEI TECMO GAMES CO., LTD.
- Released: 2016 · Genre: Action · List price: $39.99
- Deal grade: B (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $1.0k to $1.5k per month (mid $1.3k)
- Opportunity score: $2.6k/month at x2.10 dormancy multiplier
- Est. lifetime owners: 222.3k · Est. lifetime net revenue: $1.9M
- Review sentiment: 85% positive across 3856 reviews (3420 from Steam purchases)
- Review velocity: 5.8 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 9.7 years
- Studio active elsewhere (76 titles tracked), so this one may welcome a partner
- Last build shipped 10.0 years ago
- Store page localized in only 4 language(s)
- Last discounted 4 months ago, 1 sales in the last 12 months
- Proven demand elasticity: x2.1 review velocity during past deep sales

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $2.3k |
| After VAT / sales tax (-13% blended) | $2.0k |
| After refunds (-9.5% median) | $1.8k |
| Net to developer (after Steam 30%) | $1.3k |

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

5, 12, 12, 5, 7, 11, 9, 4, 3, 5, 16, 8, 4, 4, 4, 3, 3, 4, 2, 5, 9, 5, 7, 7

## Estimated acquisition range

$30.1k to $60.2k (2-4x the trailing net annuity of $15.0k/year). Same error range applies.

## Analyst notes (AI-assisted)

A 2016 action title based on the Attack on Titan anime franchise, featuring large-scale PvE combat and creature-slaying mechanics.

Wings of Freedom generated ~$1.9M lifetime revenue on 222K units sold, with 85% positive reviews and modest residual income of $1.25K/mo. The franchise remains culturally potent, though this aging entry faces licensing complexity and limited dev engagement (115+ months since last update). Most viable as a licensing revival or acquisition by a publisher seeking anime-game catalog depth rather than as a standalone acquisition.

- Most realistic play: licensing
- Licensed IP: the game is built on third-party intellectual property
- Risk (licensed_ip): Attack on Titan IP likely held by Hajime Isayama/Kodansha; publisher rights to this specific game engine and distribution may require renegotiation or may have expired.
- Risk (tech): Eight years post-launch with no dev posts in 115+ months signals minimal technical maintenance; modern platform compatibility uncertain.
- Risk (market): Mainstream awareness of the game is low (mainstream flag: false), and the anime itself has moved on; audience retention will depend on franchise nostalgia rather than active fandom.

Suggested first moves:
1. Confirm current licensing status and terms with Kodansha/Hajime Isayama estate; determine if publishing rights have lapsed or require renewal.
2. Audit code base and build pipeline for Windows/console platform compliance; estimate cost to patch for contemporary OS versions and anticheat.
3. Model revenue uplift from a limited seasonal sale timed to anime broadcast windows or film releases, testing whether $1.25K/mo can be lifted via pricing or bundle strategy without rights renegotiation.

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/449800
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.