# Beholder 2

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

- Steam appid: 761620
- Developer: Alawar Stargaze (Warm Lamp Games)
- Publisher: Alawar
- Released: 2018 · Genre: Adventure · List price: $17.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $3.7k to $5.6k per month (mid $4.6k)
- Opportunity score: $6.0k/month at x1.30 dormancy multiplier
- Est. lifetime owners: 341.7k · Est. lifetime net revenue: $1.3M
- Review sentiment: 87% positive across 8124 reviews (6834 from Steam purchases)
- Review velocity: 48.0 reviews/month (6-month average)

## Why it's flagged

- Developer active, last post 2 months ago
- Studio active elsewhere (2 titles tracked), so this one may welcome a partner
- Last build shipped 21 months ago
- Last discounted 1 months ago, 10 sales in the last 12 months
- Proven demand elasticity: x1.7 review velocity during past deep sales

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $8.4k |
| After VAT / sales tax (-13% blended) | $7.3k |
| After refunds (-9.5% median) | $6.6k |
| Net to developer (after Steam 30%) | $4.6k |

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

44, 44, 31, 41, 41, 50, 33, 56, 37, 206, 112, 114, 88, 89, 71, 81, 43, 55, 34, 55, 51, 47, 40, 61

## Estimated acquisition range

$111.4k to $222.7k (2-4x the trailing net annuity of $55.7k/year). Same error range applies.

## Analyst notes (AI-assisted)

A 2018 dystopian office-simulator adventure where you navigate surveillance, moral choice and bureaucratic absurdism as a functionary in an totalitarian state.

Beholder 2 has generated $1.32M lifetime on 341k units and maintains $4.6k/mo residual revenue with 87% positive sentiment and active review traffic (48/mo). The game sits dormant but stable: recent dev activity (2.3 months), no deep discounting in 6 months, and a loyal niche audience suggest it remains a reliable catalog earner. Most relevant for publishers seeking solid mid-list IP with thematic depth and replayability baked in; acquisition interest depends entirely on franchise rights clarity and whether Alawar retains full ownership of the Beholder universe.

- Most realistic play: watch
- Risk (market): Strong negative reviews cite tedium, mechanical confusion (authority-point bugs, save system friction) and unfavorable comparison to first game; sequel fatigue may limit ceiling.
- Risk (tech): Multiple crash reports and progression bugs reported even post-launch; legacy codebase may require resource investment to stabilize for re-release.
- Risk (other): Unknown whether Alawar and Warm Lamp Games retain joint ownership; confirm IP rights holder before any acquisition or revival approach.

What players are asking for:
- Fix authority-point acquisition and progression mechanics
- Overhaul save/load system to be less cumbersome
- Add voice acting beyond opening/ending sequences
- Clarify and streamline application-categorization UI

Suggested first moves:
1. Audit Alawar and Warm Lamp Games IP/publishing agreement to confirm ownership status and franchise control before any outreach.
2. If acquisition is feasible, model the cost of a bug-fix and QoL pass (save system, authority mechanics, crash fixes) against the $4.6k/mo residual and $6k opportunity upside; likely ROI threshold is 18-24 months.
3. For revival play: prioritize a small 2-3 month patch addressing authority bugs, save system, and UI clarity; re-launch with press tying the fix to 'revisit a forgotten gem' positioning, leveraging 87% positive baseline and franchise association.

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/761620
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.