# Angels of Death

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

- Steam appid: 537110
- Developer: Vaka Game Magazine
- Released: 2016 · Genre: Adventure · List price: $9.99
- Deal grade: B (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $1.3k to $1.9k per month (mid $1.6k)
- Opportunity score: $2.4k/month at x1.50 dormancy multiplier
- Est. lifetime owners: 322.5k · Est. lifetime net revenue: $692.4k
- Review sentiment: 95% positive across 5366 reviews (4961 from Steam purchases)
- Review velocity: 30.0 reviews/month (6-month average)

## Why it's flagged

- Developer active, last post 11 months ago
- Studio active elsewhere (7 titles tracked), so this one may welcome a partner
- Last build shipped 5.8 years ago
- Last discounted 0 months ago, 7 sales in the last 12 months
- Proven demand elasticity: x1.3 review velocity during past deep sales

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $2.9k |
| After VAT / sales tax (-13% blended) | $2.5k |
| After refunds (-9.5% median) | $2.3k |
| Net to developer (after Steam 30%) | $1.6k |

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

37, 61, 39, 41, 36, 42, 37, 47, 51, 42, 44, 67, 30, 13, 42, 31, 29, 36, 36, 33, 23, 21, 28, 39

## Estimated acquisition range

$38.7k to $77.3k (2-4x the trailing net annuity of $19.3k/year). Same error range applies.

## Analyst notes (AI-assisted)

A 2016 visual novel adaptation of the Angels of Death anime following a traumatized child protagonist through a supernatural escape narrative.

Angels of Death has quietly generated $692k lifetime revenue on 322k units with a 95% positive ratio and maintains $1,610/mo residual income, making it a stable catalog title. However, the game's dormant development (10.8 months since last dev communication) and the sensitive subject matter around its 13-year-old protagonist create both appeal and liability. Best suited for: publishers seeking low-maintenance anime IP catalog fills or studios evaluating whether visual novel backends warrant revival investment.

- Most realistic play: watch
- Licensed IP: the game is built on third-party intellectual property
- Risk (licensed_ip): Angels of Death anime and manga IP rights likely held by original creator or Japanese publisher; game license terms and renewal status unknown.
- Risk (market): Player feedback flags the controversial portrayal of child abuse and trauma as a core narrative element, limiting mainstream appeal and creating moderation/platform risk.
- Risk (tech): No developer activity in 10.8 months; unity or custom engine stability on modern OS versions unconfirmed.

What players are asking for:
- Continuation or sequel content tied to the anime franchise
- Quality-of-life improvements (UI scaling, accessibility options)
- Expanded soundtrack or art book releases

Suggested first moves:
1. Confirm anime IP license holder, renewal date, and exclusivity clauses before any acquisition or publishing commitment.
2. Audit player feedback sentiment by region to assess platform risk tolerance (likely stronger in Japan/Asia, weaker in Western territories).
3. Contact developer to determine asset condition, engine version, and willingness to receive support or transfer; if unresponsive, evaluate cost/risk of porting or remastering in-house.

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/537110
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.