# PHOGS!

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

- Steam appid: 850320
- Developer: Bit Loom Games
- Publisher: Coatsink
- Released: 2020 · Genre: Adventure · List price: $24.99
- Deal grade: B (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $1.6k to $2.4k per month (mid $2.0k)
- Opportunity score: $4.3k/month at x2.10 dormancy multiplier
- Est. lifetime owners: 34.8k · Est. lifetime net revenue: $186.8k
- Review sentiment: 79% positive across 1452 reviews (1159 from Steam purchases)
- Review velocity: 15.2 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 5.8 years
- Studio inactive: no public activity across 1 tracked titles
- Last build shipped 5.6 years ago
- Last discounted 0 months ago, 12 sales in the last 12 months

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $3.7k |
| After VAT / sales tax (-13% blended) | $3.2k |
| After refunds (-9.5% median) | $2.9k |
| Net to developer (after Steam 30%) | $2.0k |

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

17, 27, 20, 14, 23, 25, 15, 57, 19, 19, 43, 33, 34, 38, 29, 23, 23, 21, 20, 16, 14, 12, 14, 15

## Estimated acquisition range

$48.9k to $97.8k (2-4x the trailing net annuity of $24.4k/year). Same error range applies.

## Analyst notes (AI-assisted)

A co-op puzzle-adventure where two blob characters solve environmental puzzles together in a colorful, wordless world.

PHOGS! remains quietly profitable at $2,037/mo residual revenue with a 79% positive review rate and consistent (if modest) monthly sales. The game's stress-free co-op design and visual charm appeal to a durable casual audience; however, Bit Loom Games appears dormant post-launch (69 months since last dev post), and the single-title studio status limits organic IP expansion. This is a solid acquisition candidate for a publisher seeking proven, low-maintenance catalog depth, or a revival opportunity if a new studio can refresh multiplayer features or porting.

- Most realistic play: acquisition
- Risk (tech): Build is 67 months old with no noted updates; engine or framework deprecation risk on next-gen platforms or OS versions.
- Risk (market): Elasticity of -1 suggests price-inelastic demand; deep discounts (max 80%) have not historically driven sales velocity, limiting margin recovery via promotions.
- Risk (other): Developer studio status is inactive; no ongoing support pipeline, meaning post-acquisition maintenance and porting fall entirely to buyer.

What players are asking for:
- Cross-platform / console porting (reviews hint at controller quality-of-life improvements needed)
- Multiplayer accessibility enhancements or online co-op stability
- Additional worlds or post-game content to extend playtime

Suggested first moves:
1. Audit codebase for engine support and OS compatibility roadmap; identify porting cost to Switch, PlayStation, Xbox.
2. Survey player cohort on willingness to pay for single-player content expansion (worlds 4+) or online co-op unlock.
3. Benchmark against similar co-op casual titles (e.g., A Short Hike, Spiritfarer) to size addressable market and pricing elasticity for a refreshed launch campaign.

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/850320
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.