# Iratus: Lord of the Dead

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

- Steam appid: 807120
- Developer: Unfrozen
- Publisher: Daedalic Entertainment
- Released: 2020 · Genre: Indie · List price: $29.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $3.7k to $5.5k per month (mid $4.6k)
- Opportunity score: $6.8k/month at x1.50 dormancy multiplier
- Est. lifetime owners: 215.8k · Est. lifetime net revenue: $1.4M
- Review sentiment: 85% positive across 8247 reviews (7195 from Steam purchases)
- Review velocity: 28.3 reviews/month (6-month average)

## Why it's flagged

- Developer active, last post 10 months ago
- Studio active elsewhere (2 titles tracked), so this one may welcome a partner
- Last build shipped 5.2 years ago
- Last discounted 1 months ago, 11 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 | $8.3k |
| After VAT / sales tax (-13% blended) | $7.2k |
| After refunds (-9.5% median) | $6.5k |
| Net to developer (after Steam 30%) | $4.6k |

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

38, 116, 37, 33, 45, 41, 28, 32, 38, 62, 69, 36, 34, 27, 31, 30, 24, 33, 12, 64, 22, 26, 25, 21

## Estimated acquisition range

$109.6k to $219.2k (2-4x the trailing net annuity of $54.8k/year). Same error range applies.

## Analyst notes (AI-assisted)

Iratus: Lord of the Dead is an indie turn-based tactical roguelike that inverts Darkest Dungeon by casting the player as an evil necromancer building and commanding undead minions.

Iratus sits in a quiet but stable revenue zone, generating $4.6k/mo residual income off a $1.39M lifetime base from 215k units sold. The 85% positive score and consistent ~28 reviews/mo suggest a loyal niche audience, though player feedback reveals limited post-purchase engagement: most enjoy 5-30 hours before hitting repetition walls. The game is a strong catalog asset for a publisher seeking low-maintenance, evergreen indie titles with proven sales discipline and modest ongoing monetization, but revival or aggressive pricing changes carry real elasticity risk (1.72x).

- Most realistic play: acquisition
- Risk (market): High elasticity (1.72x) and near-universal player advice to 'wait for a deep sale' signal strong price sensitivity; current $30 price point relies on infrequent discounting (last deep sale 0.68 months ago) and may cannibalize full-price revenue if raised.
- Risk (other): Repetition and limited strategic depth emerge as the core engagement ceiling by hour 10-15 across reviews; post-acquisition content or mechanic additions would be required to extend session lifetime and boost month-on-month retention.
- Risk (tech): UI friction noted in minion management (graveyard, create, return loops); UX polish could unlock incremental engagement but is secondary to core design constraints.

What players are asking for:
- Deeper strategic variety and build diversity to reduce repetition mid-run
- UI streamlining for minion management and crafting workflows
- More unit types and unlocks to reduce grind perception early in progression
- Quality-of-life tuning to shorten combat encounters without reducing challenge

Suggested first moves:
1. Audit current discount cadence and pricing elasticity: model revenue impact of moving to permanent $14.99-$19.99 MSRP vs. current model (regular $30, frequent deep cuts to $3-$5). The 12.8% key-reseller share and 1.7x elasticity suggest bundled or subscription placement may outperform price cuts.
2. Commission a lightweight content roadmap (3-4 new minion archetypes, UI refinement pass) to be released as free updates over Q2-Q3 2025. Even modest mid-game differentiation will lift reviews_per_month and residual signaling for future catalog promotion.
3. Evaluate bundling potential: Iratus pairs naturally with Daedalic's adventure catalog and third-party roguelike titles (Slay the Spire, FTL) for platform promotions, subscription tiers, or seasonal sales events. Current $4.6k/mo is solid baseline revenue for a hands-off asset; bundling could add 20-30% uplift without cannibalizing discount sensitivity.

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/807120
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.