Cult of the Lamb
GameBy Massive Monster · Released Aug 11, 2022
Documents about Cult of the Lamb
Honk! Inside the Untitled Goose Game Exhibition
The exhibition Honk! at the Australian Centre for the Moving Image (ACMI) in Melbourne serves as a case study on the development of the independent hit Untitled Goose Game.
- The ACMI exhibition 'Honk!' documents the development of House House’s 'Untitled Goose Game' to demystify game design by showcasing raw artifacts like early sketches, design documents, and git commit logs.
- ACMI serves as a significant industry hub for local developers, leveraging co-working spaces and play-testing programs to support commercial successes such as 'Cult of the Lamb'.
- The museum attracts over one million visitors annually, positioning itself as a bridge between technical industry practices and public understanding of digital culture.
Plus: Next Week Is Massive on Steam, Folks!
The second week of August 2022 represents a significant period for the PC gaming market, marking the first time in the year that three titles with a GameDiscoverCo "Hype" score exceeding 10,000 launched simultaneously.
- The second week of August 2022 marked a record for the year, featuring three simultaneous game launches with GameDiscoverCo 'Hype' scores exceeding 10,000.
- Marvel’s Spider-Man Remastered is projected to reach 5 to 10 million units in long-term PC sales, highlighting the strong market potential for high-quality console-to-PC conversions.
- MultiVersus is currently leading engagement across PlayStation, Xbox, and the Epic Games Store, with revenue primarily driven by the sale of paid character packs.
Devolver Digital Trading Update 2023
Devolver Digital’s 2023 trading update highlights a significant financial recovery in the second half of the year, following a challenging first half that saw a $3.5 million loss in normalized adjusted EBITDA.
- Devolver Digital expects full-year 2023 revenue of at least $90 million, achieving a breakeven point in adjusted EBITDA after a $3.5 million loss in the first half of the year.
- Co-founder Harry Miller has returned as CEO, replacing Douglas Morin, as part of a broader leadership restructuring that includes new board appointments for Kate Marsh and Graeme Struthers.
- The company is shifting its distribution strategy by declining certain subscription-based deals to prioritize the long-term value and revenue potential of its intellectual property.
Devolver Digital H1 2023 Financial Results
Devolver Digital’s financial results for the first half of 2023 reflect a period of contraction characterized by declining revenue and profit, alongside a strategic pivot regarding platform distribution.
- Devolver Digital reported a $3.5 million normalized adjusted EBITDA loss for H1 2023, a significant decline from the $6.8 million profit recorded in the same period of 2022.
- Revenue for the first half of 2023 fell 17.2% year-over-year to $43.87 million, while normalized gross profit dropped 50.5% to $9.39 million.
- The company released only four titles in H1 2023 compared to seven in the prior year, leaving its back catalog of 109 titles to account for 87% of total revenue.
Devolver Digital Full Fiscal Year 2022 Financial Results
Devolver Digital’s 2022 fiscal year results reveal a period of significant financial volatility characterized by substantial revenue growth offset by a major net loss.
- Devolver Digital reported a $91.5 million pre-tax net loss in 2022, a sharp reversal from the $30.6 million profit recorded in 2021.
- Annual revenue grew 37.1% year-over-year to $134.6 million, though gross profit margins contracted from 40% to 34.4% due to higher marketing and amortization costs.
- The company’s share price fell 13% to a record low of £0.28 following the financial results and the impairment of intellectual property and goodwill.
What Do Devolver's Results Tell Us About Game Discovery in 2025?
The 2023 financial results for Devolver Digital provide a critical look at the challenges facing indie publishers in a post-pandemic market characterized by high interest rates and shifting consumer discovery patterns.
- Devolver Digital reported a 31% revenue decline to $92 million and a $12.6 million net loss in 2023, highlighting the volatility of the premium indie market for public companies.
- Back-catalog titles accounted for 83% of total revenue in 2023, as the company failed to produce a new release that surpassed the $12 million gross threshold on Steam.
- Revenue from subscription deals fell by 50% to $15 million, reflecting a cooling market for upfront platform payments from companies like Sony and Microsoft.
Devolver Digital H1 2022 Financial Results
Devolver Digital’s financial results for the first half of 2022 reflect a period of revenue growth tempered by a significant shift in net profitability.
- Devolver Digital reported $53 million in H1 2022 revenue, a 14% year-over-year increase, but swung to a $16.6 million net loss compared to a $79.5 million profit in H1 2021.
- The company’s back catalogue remains the primary revenue driver, accounting for 64% of total earnings, led by ongoing sales of titles like Inscryption, which has sold 1.46 million units since October 2021.
- Cult of the Lamb exceeded full-year expectations by selling one million units in its first nine days, though the publisher noted that high royalty payments from this success may impact profit margins.
Plus: Super-Dynamic Steam Charts
This analysis provides a comprehensive overview of the global video game market during late August 2022, focusing on sales performance, player engagement, and upcoming release trends across Steam, consoles, and mobile platforms.
- Destiny 2’s premium expansion packs maintained revenue dominance during late August 2022, while Hogwarts Legacy and F1 Manager 2022 generated significant pre-order momentum.
- SD Gundam Battle Alliance achieved a successful $60 debut on Steam, reaching a peak concurrent user (CCU) count of 21.9k.
- Madden NFL 23 and the Saints Row reboot served as the primary volume drivers for the PlayStation and Xbox platforms during August.
Week of the Spider‑Lamb
This analysis examines a significant surge in high-profile Steam releases during August 2022, a period characterized by the rare simultaneous launch of multiple titles with high pre-release anticipation.
- August 2022 saw a surge in high-profile Steam launches, led by Marvel’s Spider-Man Remastered with 60,000 concurrent users (CCU) and Cult of the Lamb, which outperformed expectations with over 61,700 CCU.
- Niche and Early Access titles maintained strong market presence, with Farthest Frontier reaching nearly 20,000 CCU and Two Point Campus securing 7,400 CCU despite the crowded release window.
- Free-to-play titles MultiVersus and Rumbleverse emerged as the dominant forces within the console digital store ecosystem.
Top Steam Games Debuting in Q3 2022
This analysis provides a comprehensive overview of the Steam marketplace and broader console landscape for the third quarter of 2022.
- Major DLC releases are currently outperforming new standalone titles in player engagement, evidenced by Monster Hunter Rise: Sunbreak peaking at 209,000 concurrent users.
- Stray emerged as the highest-momentum Q3 2022 debut on Steam, driven by rapid wishlist velocity despite having fewer total followers than Party Animals.
- Developer-led in-game review prompts on platforms like Meta Quest and Apple Arcade are inflating review counts by up to fifteen-fold, rendering traditional review-to-sales metrics unreliable.
Epic vs. Apple: Will the Walled Garden Get Breached?
The ongoing legal battle between Epic Games and Apple serves as a focal point for broader shifts in the digital marketplace and platform antitrust regulation.
- The legal battle between Epic Games and Apple continues to challenge the 'walled garden' model, with ongoing judicial scrutiny focused on market definitions and consumer switching costs.
- Global video game revenue is projected to decline by 4.3% in 2022 to approximately $184.4 billion, marking a market correction following pandemic-driven expansion.
- Regulatory pressure from the DOJ and FTC is shifting the industry landscape, potentially forcing dominant platforms like Apple and Google to reconsider their 30% revenue cuts.