Banned Steam game Horses sells 18,000 units in 2 weeks and earns $65,000 – enough to break even but not enough to keep its studio from disbanding: "Fragmentation is a lasting consequence"

Horses, the controversial indie horror game banned on Steam and other platforms, has officially broken even, but just as developer Santa Ragione predicted, it hasn't earned enough of a profit to fund another game.

Steam's banning of Horses, which Santa Ragione has repeatedly claimed wasn't transparent and was based on an outdated build of the game, initially seemed to give the game a visibility boost, and indeed, studio cofounder and Horses producer Pietro Righi Riva has said public outcry and support "made a huge, huge difference," all the while admitting it still likely wouldn't be enough to save the studio. Now, we have some hard numbers and confirmation from Santa Ragione that, while it's settled its debts with investors, Horses is likely still to be the final release from the studio as we know it today.

In a press release, Santa Ragione reveals that Horses sold 18,000 copies across all platforms and generated about $65,000 in net revenue "following extraordinary coverage of the bans, GOG's public support, and a very positive reaction from players."

Santa Ragione says it's "relieved" to have been able to pay back all of its debt, but still, "this result is not enough to begin production on a new game," it adds. "The money primarily covers obligations created by a prolonged end of development. If sales remain steady, we may be able to fund a new prototype in the future, but the team has had to, and will continue to, take other jobs and projects in the meantime. Reuniting everyone will not be easy, even if it is something we would love.

"We also want to be clear about why this success does not erase the impact of what happened," the press release continues. "The Steam ban, and the development delays that followed, forced us into a prolonged scramble for funding, with debt, opportunity cost, and team members taking other work. That fragmentation is a lasting consequence, even if the launch outcome has been meaningful and positive in important ways."

Horses launched on GOG, the Humble Store, and Itch to generally favorable reviews, but according to Santa Ragione, "a strong two week result on smaller storefronts does not tell us what a full Steam release could have looked like."

Indeed, Steam is far and away the dominant PC storefront, and not being available there would be a massive detriment to any PC-only release. Obviously, it doesn't help that the Epic Games Store also banned the game about 24 hours before launch.

In its statement, Santa Ragione pushes for better transparency from storefronts about the rules and processes determining which games get approved for release.

"We also want to emphasize that this outcome should not distract from the broader issue at stake: the need for clearer rules, transparent processes, and meaningful accountability from near monopolistic distribution platforms and the systems they enforce," reads the statement. "For every case like HORSES that becomes visible, there are many more games that are quietly banned, delisted, or trapped in indefinite review for unclear reasons, with developers too worried about retaliation or future approval to speak publicly."

There's always a chance someone with a lot of money sees Horses and decides to invest in Santa Ragione for another game, but the cynic in me worries that the fact that hasn't happened yet, even after weeks of high-profile media attention, means there's a low chance of that ever happening. I am always happy when my cynical side is proven wrong, however.

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