Horses, Santa Ragione’s 2025 surrealist horror title that was barred from both the Steam and Epic Games storefronts, has left its developer and publisher mired in a $42,000 deficit, according to an official press release shared with Kotaku.
Santa Ragione reports that the game’s launch on GOG, Itch, and Humble generated 30,000 individual sales, bringing in roughly $100,000 in revenue. While that figure is respectable for a small indie studio and a niche title, it fell short of covering the costs, with only $8,000 actually reaching Santa Ragione.
“In keeping with the transparency that has characterized our communications around Horses, this is a breakdown of how the revenue was distributed,” the press release states. “$30,000 went to the game’s director, Andrea Lucco Borlera, in recognition of years of work on the project; $62,000 went to the game’s private funders, covering their $50,000 investment and providing a return; and $8,000 remains with Santa Ragione, a first step toward recouping the $50,000 of self‑funded development costs.”
As confirmed in a follow‑up email from Santa Ragione’s co‑founder and studio director, Pietro Righi Riva, the studio now faces a $42,000 debt. That amount is substantial for a studio of Santa Ragione’s scale and will likely be difficult to recover, especially since Horses’ moment in the spotlight has already faded.
Yet one lingering question remains: might Horses have fared better had it never been pulled from Steam? While the answer is speculative, I remain skeptical. As Kotaku’s Kenneth Shepard noted in his 2025 review, the game’s fleeting moment in the spotlight was largely a consequence of its controversial removal from the Steam storefront—an event that still fuels discussion about the title in 2026.
❓ Frequently Asked Questions (FAQ)
What caused Santa Ragione to incur a $42,000 debt after releasing Horses?
The game was banned from both Steam and Epic Games storefronts, severely limiting its sales channels. Although it sold 30,000 copies on GOG, Itch, and Humble, the revenue was distributed among the director, private funders, and the studio, leaving only $8,000 for Santa Ragione. After covering the $50,000 self‑funded development cost, the studio was left with a $42,000 deficit.
How was the $100,000 revenue from Horses distributed?
$30,000 was paid to director Andrea Lucco Borlera for his work, $62,000 went to private funders to cover their $50,000 investment and provide a return, and the remaining $8,000 stayed with Santa Ragione as a first step toward recouping its self‑funded costs.
What does this situation reveal about indie game publishing?
It highlights the volatility of the indie market, where platform bans or limited visibility can dramatically erode revenue, making it difficult for small studios to recover from unexpected financial shortfalls.
News Source: Kotaku
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