Banned Steam Game Horses Sells 18,000 Copies in Two Weeks, Generates $65,000, but Studio Still Faces Closure: “Fragmentation is a Lasting Consequence”

Horses, the indie horror title that stirred up controversy and faced bans on Steam and other platforms, has finally managed to break even. However, as developer Santa Ragione anticipated, it hasn’t generated enough profit to kickstart a new project.

The game’s ban on Steam, which Santa Ragione argues was not transparent and based on an outdated version, initially seemed to boost its visibility. Studio co-founder and producer Pietro Righi Riva noted that the public outcry and support “made a huge, huge difference,” although he acknowledged it likely wouldn’t be sufficient to keep the studio afloat. Recent figures confirm that while Horses has settled its debts with investors, it may very well be the last title from the studio in its current form.

In a recent announcement, Santa Ragione shared that Horses sold 18,000 copies across various platforms, bringing in approximately $65,000 in net revenue, largely thanks to the extensive coverage surrounding the bans, support from GOG, and positive player feedback.

While Santa Ragione expressed relief at being able to repay its debts, it also stated, “this result is not enough to begin production on a new game.” The funds primarily address obligations stemming from a prolonged development period. If sales remain steady, there might be a chance to fund a new prototype in the future, but the team will need to take on other jobs and projects in the meantime. Reuniting everyone for a new endeavor will be challenging, even though it’s something they aspire to do.

The studio emphasized that this success does not negate the impact of the bans. “The Steam ban and the subsequent development delays forced us into a prolonged scramble for funding, leading to debt and team members seeking other work. That fragmentation is a lasting consequence, even if the launch outcome has been meaningful and positive in important ways.”

Horses received generally favorable reviews upon its launch on GOG, the Humble Store, and Itch, but Santa Ragione pointed out that “a strong two-week result on smaller storefronts does not reflect what a full Steam release could have achieved.”

Steam remains the leading PC storefront, and not being available there is a significant setback for any PC-exclusive title. Compounding the issue, the Epic Games Store also banned the game just a day before its launch.

In its statement, Santa Ragione called for greater transparency from storefronts regarding the rules and processes that determine game approvals.

“We want to stress that this outcome should not distract from the broader issue: the need for clearer rules, transparent processes, and meaningful accountability from near-monopolistic distribution platforms and the systems they enforce,” the statement read. “For every case like Horses that gains visibility, many more games are quietly banned, delisted, or stuck in indefinite review for unclear reasons, with developers too fearful of retaliation or future approval to speak out.”

While there’s always a possibility that a wealthy investor might take an interest in Horses and support Santa Ragione in creating another game, the lack of such interest so far, despite weeks of high-profile attention, raises concerns about the likelihood of that happening. Still, I remain hopeful that my skepticism will be proven wrong.