# Button City 2020 Financial Model Narrative adventure game about saving a local arcade, featuring three embedded mini-games, built by indie studio Subliminal Gaming LLC. - Canonical: https://finamodel.com/startups/button-city-2020 - Excel download: https://finamodel.com/startup-models/button-city-2020.xlsx - Category: Media/Gaming - Model type: SaaS ARR / Valuation - Founded: 2020 - Geography: Based in Albuquerque, NM, USA; targeting global release with planned EU and Japanese localisation. - Customer: B2C ## About the company Button City is a Unity-built 3D narrative adventure from Subliminal Gaming LLC, in which animal characters try to save their local arcade. Players explore low-poly diorama worlds, speak with NPCs, complete quests, and play Gobabots, rEVolution Racer, and Prisma Beats as embedded arcade games. The title is positioned for a wholesome audience aged 8–35 and targets an Everyone rating. Collectibles and cosmetics add replayability, while its localisation pipeline supports European and Japanese markets. It is a premium buy-to-play release priced at $19.99 for PC, Nintendo Switch, PlayStation, and Xbox storefronts. The project was pre-launch, so the research reports no revenue, wishlist, or early-access data. Wholesome Direct produced more than 8,000 concurrent viewers and 120,000 total broadcast views, with press from Kotaku, Nerdist, and GamesRadar. The model should forecast platform sales, localisation investment, discounts, and development costs. ## What's included - 5-year monthly revenue build with stage-appropriate growth assumptions - Full P&L, headcount plan, and operating-expense schedule - Cash-flow statement, runway, and burn-rate tracking - Valuation via exit multiple with a DCF cross-check - Returns analysis with MOIC and IRR - Unit economics including CAC, LTV, payback, and cohort retention ## Product & value proposition Button City is a 3D narrative adventure game (Unity 2018.4 LTS) starring animal characters on a quest to save their local arcade. Core loop: explore low-poly diorama worlds, talk to NPCs, complete mini-games and side quests, and progress a Saturday-morning-cartoon storyline. Three full embedded arcade games (Gobabots - 4v4 team brawler; rEVolution Racer - drift racing; Prisma Beats - rhythm game) act as in-game activities and in-narrative set pieces. Collectibles and cosmetics extend replayability. Designed for broad "wholesome" audience ages 8–35; ESRB target E for Everyone. Multi-input support (controller, touch, keyboard/mouse). Built-in localisation pipeline (YarnSpinner + SuperTextMesh, CSV import). ## Market No formal TAM/SAM/SOM framing in deck. Comparable context provided: - Night in the Woods (comparable): 417,000 Steam sales at $19.99. Note: deck methodology = Steam reviews × 50, rounded down. - The Haunted Island, a Frog Detective Game: 35,000 Steam sales at $4.99. - Arcade Spirits: 10,000 Steam sales at $19.99. - Wholesome Direct (May 2020): 8,000+ concurrent YouTube viewers; 120,000+ total views post-broadcast; Button City featured as the opening game. - Press coverage: Kotaku, Nerdist, GamesRadar. - "Wholesome games" trend cited as growing, with Ooblets, Snacko, Bugsnax as rising comps. No market size figures given. ## Revenue model - Model: Premium buy-to-play (one-time purchase). No subscription, DLC, or IAP mentioned. - Price point: $19.99. - Target platforms: PC (Steam/Mac), Nintendo Switch, PlayStation, Xbox. - Distribution: Digital storefronts (Steam implied by comps methodology; console storefronts by platform). Physical distribution not mentioned. - Localisation add-on: EU and Japanese markets targeted post-launch via localisation investment. ## Traction & metrics - No revenue to date disclosed (pre-launch). - Wholesome Direct showcase (May 2020): 8,000+ concurrent viewers; 120,000+ total broadcast views. - Media placements: Kotaku, Nerdist, GamesRadar. - No Steam wishlist count, social following, Kickstarter, or early access revenue disclosed. ## Unit economics - Price: $19.99. - Localization cost: $4,550 per language (35,000 words × $0.13/word). - Budget line items: Production, Music & Sound Contract, Administrative, PR - all redacted as $XX,XXX placeholders. Total investment needed also redacted ($XX,XXX USD). - No CAC, LTV, refund rate, or margin data disclosed. ## Competition / moat Comparable genre (narrative adventure / wholesome): - Night in the Woods - the ceiling comp at 417,000 Steam units. - Frog Detective, Arcade Spirits - mid-tier comps at 10,000–35,000 units. - Gone Home cited as a breakout success. Moat / differentiation claims: - Three embedded full mini-games spanning action, racing, and rhythm genres - unusual depth for the narrative adventure genre. - Wholesome/cute aesthetic at a moment of rising "wholesome games" demand. - Indigenous-led creative direction (Art Director Shandiin Yazzie Woodward, Diné/Navajo) cited as a diversity differentiator. - Broad platform target (5 platforms) vs. some comps limited to PC/Mac. - Early press and showcase visibility (Wholesome Direct opener). ## Team & funding ask / use of funds **Team (slide 19):** - Shandiin Yazzie Woodward - Co-founder / Art Director; prior: graphic/multimedia designer at Meow Wolf; 2D/3D art, animation. - Ryan Woodward - Co-founder / Programmer; prior: interactive developer at Ideum (Smithsonian installations); co-founded Albuquerque Game Developers Guild (501c3). - Benjamin Hanken - Programmer; former research scientist; prior: Ideum (National Portrait Gallery interactives). - Valentina Hawes - Artist (3D stylised characters); prior: indie games + 3 SteamVR home environments with Scraggy Rascal Studios & Valve. **Funding ask:** - Total investment amount: redacted ($XX,XXX USD). - Use of funds (slide 13): cover development labour costs, game console dev kit costs, multiplatform release (PC, Mac, Nintendo Switch, PlayStation, Xbox), and localisation for EU and Japanese markets. - Budget categories: Production, Music & Sound Contract, Administrative, PR - all amounts redacted. - Deck appears to be a dual-purpose document: seeking a platform publishing deal (slides 9–11 address "Why Platform?") AND / OR direct investment (slides 13–14). --- ## Recommended financial model **Archetype + why:** Single-title indie game revenue model - "Premium launch + tail sales" P&L. This is a one-time-purchase game with a defined launch window and a long-tail Steam/console sales curve. No recurring revenue, no subscriptions. Closest archetype: DTC content/media title P&L with platform revenue share, COGS (dev labour capitalised then amortised), and a launch-spike + decay sales curve. Not a SaaS, marketplace, or subscription model. **Forecast horizon & granularity:** - Pre-launch: Monthly cost burn through target Q1 2021 release. - Launch year (2021): Monthly unit sales by platform (PC vs. console), gross revenue, platform fees, net revenue. - Post-launch tail: Years 2–3 annual, capturing discount/sale cycles (Steam sales) and back-catalogue console performance. - Total horizon: 3 years (2021–2023). **Key drivers & assumptions:** *Revenue drivers:* - Price: $19.99 - Platform revenue share: 30% - industry standard for Steam, Nintendo eShop, PSN, Xbox - Net revenue per unit: ~$14.00 - Total projected units: 100,000 - studio's own projection; PC 50,000 / Console 50,000 - Launch-year capture: 60% of lifetime units sold in year 1 (common for indie titles with day-1 spike), 25% year 2, 15% year 3 - PC/Console split: 50/50; console further split evenly across Switch, PS, Xbox - Discount/sale revenue haircut: blended 15% discount across lifetime units (Steam sales events lower ASP) *Cost drivers:* - Development budget: Redacted - primary open question; suggest placeholder $150K–$300K range for indie of this scope - Music & Sound Contract: Redacted - Administrative: Redacted - PR: Redacted - Localisation per language: $4,550; assume 2 languages (EU + Japanese) = $9,100 - Console dev kit costs: ~$10K–$30K total (Nintendo, Sony, Microsoft kits); standard for small studios - Platform certification / QA fees: ~$5K–$15K across 4 console platforms - Ongoing: minimal; primarily marketing/community costs post-launch *Key sensitivities:* - Unit volume (10,000–400,000 plausible range given comps) - Platform mix (console revenue more concentrated on Switch for "wholesome" demographic) - Launch timing vs. competing titles **Scenarios (Base / Bull / Bear - which variables flex):** - Bear: 30,000 lifetime units (Arcade Spirits comp), PC-only or delayed console ports, no localisation. Net revenue ~$420K. - Base: 100,000 lifetime units (studio projection), 5-platform release, 2 localisation languages. Net revenue ~$1.33M over 3 years. - Bull: 200,000 lifetime units (between Frog Detective and Night in the Woods), strong Switch performance, 4+ languages. Net revenue ~$2.7M over 3 years. - Flex variables: lifetime units, platform mix, launch-year capture rate, discount haircut, localisation scope. **Required sheets / outputs:** 1. Assumptions - all inputs with / tags, unit projections by platform/year 2. Revenue - monthly unit sales by platform, gross/net revenue, platform fee deduction 3. Cost / P&L - development budget (when provided), operating costs, localization, marketing/PR; gross margin and operating income by period 4. Cash flow - pre-launch burn rate, launch receipts (note: digital storefronts pay on 30–60 day delay), runway 5. Scenario toggle - Bear / Base / Bull unit and price assumptions feeding revenue and P&L 6. Comps reference - Night in the Woods, Frog Detective, Arcade Spirits unit/price data for benchmarking ## Frequently asked questions ### Is the Button City 2020 financial model free? Yes. The Button City 2020 model is a free Excel download with live formulas. ### Can I change the assumptions? Yes. The workbook is editable and its live formulas recalculate when assumptions change.