# Attack on Titan 2 - A.O.T.2

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

- Steam appid: 601050
- Developer: KOEI TECMO GAMES CO., LTD.
- Released: 2023 · Genre: Action · List price: $39.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $8.5k to $12.7k per month (mid $10.6k)
- Opportunity score: $22.2k/month at x2.10 dormancy multiplier
- Est. lifetime owners: 217.7k · Est. lifetime net revenue: $2.2M
- Review sentiment: 93% positive across 7813 reviews (6804 from Steam purchases)
- Review velocity: 42.5 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 6.8 years
- Studio active elsewhere (76 titles tracked), so this one may welcome a partner
- Last build shipped 6.8 years ago

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $19.2k |
| After VAT / sales tax (-13% blended) | $16.7k |
| After refunds (-9.5% median) | $15.1k |
| Net to developer (after Steam 30%) | $10.6k |

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

50, 41, 47, 68, 62, 75, 54, 64, 48, 46, 106, 47, 37, 52, 50, 27, 61, 60, 34, 53, 43, 40, 56, 29

## Estimated acquisition range

$254.3k to $508.5k (2-4x the trailing net annuity of $127.1k/year). Same error range applies.

## Analyst notes (AI-assisted)

Licensed action game based on Attack on Titan anime/manga, featuring ODM gear combat and character progression across story and multiplayer modes.

AOT2 has generated $2.17M lifetime with a 93% positive rating and sustains $10.6K/mo residual revenue 82 months post-launch, suggesting durable franchise appeal despite no recent discounts or dev activity. However, the game sits in the shadow of AOT3 (released 2023), making it a candidate for catalog consolidation rather than standalone revival. For publishers holding Attack on Titan rights or Koei Tecmo evaluating their back catalog, this represents steady, low-maintenance revenue; for third parties, the licensed-IP barrier and sequel cannibalization make acquisition unlikely.

- Most realistic play: watch
- Licensed IP: the game is built on third-party intellectual property
- Risk (licensed_ip): Attack on Titan IP owned by Hajime Isayama / Kodansha; Koei Tecmo holds game publishing license subject to renewal and potential brand contraction.
- Risk (market): AOT3 released in 2023; player sentiment shows migration toward the newer title, eroding AOT2 addressable audience.
- Risk (tech): Player reports note Titan AI glitches and physics instability; no developer posts in 82 months suggests limited post-launch support capacity.

What players are asking for:
- More polished Titan AI behavior and physics stability
- Continued story progression parity with AOT3
- Character cosmetic customization depth
- Solo/non-story ODM gear sandbox modes

Suggested first moves:
1. Audit Kodansha/Hajime Isayama license agreement expiration and renewal terms; determine if IP cost or exclusivity restricts third-party acquisition.
2. Analyze AOT3 cannibalization curve over next 12 months; if AOT2 residual drops below $8K/mo, delisting or pricing adjustment may be warranted.
3. If Koei Tecmo retains rights, evaluate bundling AOT2 as a legacy tier in AOT3 season pass or offering it as free-to-play with cosmetic monetization to funnel players into the newer title.

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/601050
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.