# Raji: An Ancient Epic

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

- Steam appid: 730390
- Developer: Nodding Heads Games
- Released: 2020 · Genre: Action · List price: $24.99
- Deal grade: B (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $2.0k to $3.0k per month (mid $2.5k)
- Opportunity score: $3.8k/month at x1.50 dormancy multiplier
- Est. lifetime owners: 65.3k · Est. lifetime net revenue: $350.8k
- Review sentiment: 82% positive across 2829 reviews (2177 from Steam purchases)
- Review velocity: 18.7 reviews/month (6-month average)

## Why it's flagged

- Developer active, last post 6 months ago
- Last build shipped 4.1 years ago
- Last discounted 1 months ago, 10 sales in the last 12 months
- Proven demand elasticity: x1.6 review velocity during past deep sales

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $4.6k |
| After VAT / sales tax (-13% blended) | $4.0k |
| After refunds (-9.5% median) | $3.6k |
| Net to developer (after Steam 30%) | $2.5k |

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

15, 20, 12, 9, 30, 9, 5, 19, 24, 11, 9, 11, 13, 7, 13, 27, 34, 15, 9, 16, 10, 20, 29, 28

## Estimated acquisition range

$60.2k to $120.3k (2-4x the trailing net annuity of $30.1k/year). Same error range applies.

## Analyst notes (AI-assisted)

A 2020 action-adventure platformer by indie studio Nodding Heads Games that reimagines Hindu and Balinese mythology through hand-painted art and cultural storytelling.

Raji has generated $350k+ lifetime revenue on modest scale (65k units) with strong positive sentiment (82%) and sustained monthly residuals of $2.5k/mo, proving durable appeal among players drawn to cultural representation and art-forward design. The title remains quiet on marketing and updates (dev last posted 5.5 months ago), leaving room for a publisher or platform partner to amplify catalog discovery, localization reach, and potential sequel interest without heavy lift. Best suited for acquisition by a publisher seeking high-sentiment backlist titles that resonate with underserved regional audiences and indie-centric platforms.

- Most realistic play: acquisition
- Risk (market): Combat and control responsiveness are recurring friction points in reviews; difficulty spikes (especially bosses) have driven some players to easy mode, limiting replay value.
- Risk (other): Studio appears to be a one-title entity (studio_titles: 1) with no recent dev communication, raising questions about post-release support capacity and sequel viability.
- Risk (other): Game is 5-7 hours on average, which limits session-long engagement and may suppress word-of-mouth in fast-paced action categories.

What players are asking for:
- Sequel or spiritual follow-up to the franchise
- Improved combat polish and boss design creativity
- Expansion of Hindu mythology storytelling into other game genres
- Enhanced voice acting and localization in additional regional languages

Suggested first moves:
1. Audit rights ownership with Nodding Heads Games and assess appetite for acquisition, publishing partnership, or IP licensing for sequel/spin-off development.
2. Commission player segmentation analysis on regional and cultural-affinity cohorts (India, Southeast Asia, diaspora communities) to model localization ROI for additional language dubs and regional marketing.
3. Evaluate combat/difficulty rebalance mod or balance patch as low-cost goodwill play to refresh reviews and demonstrate stewardship before announcing larger publishing initiative.

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/730390
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.