Undertale Steam key art
Undertale cover art

Steam revenue analysis

Undertale Steam Revenue & Sales Estimates

tobyfox

$44.2MEst. Gross Revenue

9,825,552 estimated sales, 97% positive reviews, and $32,661,238.00 potentially retained by the developer after Steam's platform fees.

Indie97% Positive$2.49MC 92

Revenue Overview

$44.2M

Gross Revenue

$32.7M

Developer Revenue

9,825,552

Est. Copies Sold

$4M

Revenue / Year (avg. 11 yr)

$24.6MLow estimate
$44.2MBest estimate
$73.7MHigh estimate

How the revenue splits

Gross Revenue
$44,214,984
− Steam Platform Fee(26.1%)
−$11,553,746
Developer Revenue
$32,661,238

Developer vs. Steam

Developer: 73.9%($32,661,238)Steam: 26.1%($11,553,746)

Tiered Fee Structure

Tier 1 ($0–$10M) (30%)$3,000,000
Tier 2 ($10M–$50M) (25%)$8,553,746
Tier 3 ($50M+) (20%)—

More context in the Steam game revenue hub or in the Steam revenue calculator.

How we estimate this

97%positive
272,932Total Reviews
264,744positive (97%)
8,188negative (3%)

Step by step

  1. 1

    Capture Steam review volume as the primary demand signal

    272,932 reviews and a 97% positive rating are used as the starting point because Steam review counts correlate strongly with paid ownership.

  2. 2

    Apply a calibrated Boxleiter multiplier

    For Undertale, we use a midpoint multiplier of ×36 and show a wider range from ×20 to ×60 to reflect uncertainty.

  3. 3

    Use a realistic realized sale price instead of only list price

    Rather than relying only on the current price of $2, we estimate a realized average sale price of $5 to account for discounting over time.

  4. 4

    Translate gross revenue into developer revenue

    We then apply Steam's effective fee rate of 26.1%. That turns an estimated $44,214,984 in gross revenue into roughly $32,661,238 retained by the developer.

Calibrated inputs for this game

Avg. sale price

$4.50

List price $2.49

Boxleiter multiplier

×36

Range ×20–×60

Effective Steam fee

26.1%

Tiered 30 / 25 / 20%

Revenue estimates for Undertale use the Boxleiter method with a broad range from x20 to x60. For the best estimate we use a calibrated midpoint of x36 and a calibrated average sale price of $5 instead of a flat 30x/0.75 model. Factors like age, price tier, discount history, genre, and review profile all affect the true reviews-to-sales ratio.

Platform Comparison

Hypothetical: What would the developer earn at the same gross revenue?

Steam

Gross revenue baseline: $44,214,984

To developer

$32,661,238

To developer: 73.9%

$32,661,238

Platform fee: 26.1%

$11,553,746

Epic Games Store

Gross revenue baseline: $44,214,984

To developer

$39,029,186

To developer: 88.3%

$39,029,186

Platform fee: 11.7%

$5,185,798

Epic: 0% on the first $1M in annual per-app revenue, then 12%. Effective here: 11.7%.

GOG

Gross revenue baseline: $44,214,984

To developer

$30,950,489

To developer: 70.0%

$30,950,489

Platform fee: 30.0%

$13,264,495

* Actual sales on Epic and GOG are not estimated. Steam's larger user base typically drives substantially higher sales volumes.

Genre Market Position

Top 19% by revenue in Indie
19%

Top 19% of Indie games

by estimated revenue

0%◆ Median100%

59

Top Games Tracked

$7.6M

Median (tracked top games)

$27.4M

Mean (tracked top games)

Undertale ranks in the top 19% of 59 tracked indie top-sellers, with estimated revenue 6× this group's median.

Baseline: HelpfulCalculator's curated set of top-grossing Steam games, not the entire Steam catalog. Niche genres may have small samples.

Playtime & Engagement

13.6h avg6.3h median

13.6h

Average Playtime

6.3h

Median Playtime

0.7h

Recent Activity (2 Weeks)

A median playtime of 6.3h and average of 13.6h suggest a dedicated core community playing this indie game well beyond the typical player.

Current Activity5% still active

Game Details

Dataset updated: April 18, 2026

Developertobyfox
Publishertobyfox
Release DateSeptember 14, 2015
Years on Market11 years
Current Price$2.49
Calibrated Avg. Selling Price$4.50
GenreIndie
Peak Players3,331
SteamSpy Owners5,000,000 .. 10,000,000
SteamView on Store

Features

Single-playerSteam Trading CardsRemote Play on PhoneRemote Play on TabletFamily Sharing

Related Games

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Frequently Asked Questions

How much has Undertale earned on Steam?

Based on our analysis using the Boxleiter method, we estimate Undertale's total gross revenue on Steam at approximately $44,214,984.

This estimate comes with a confidence range:

  • Conservative estimate (x20): $24,563,880
  • Calibrated midpoint (x36): $44,214,984
  • Optimistic estimate (x60): $73,691,640

The actual revenue may vary due to regional pricing, seasonal discounts, and refund rates.

How many copies has Undertale sold on Steam?

With 272,932 Steam reviews and a 97% positive rating, we estimate Undertale has sold between 5,458,640 and 16,375,920 copies, with a best estimate of 9,825,552.

This is based on the Boxleiter method, which uses the observation that roughly 1 in every 20 to 60 buyers leaves a Steam review. For the midpoint we do not assume a universal 30x value; we use a calibrated multiplier of x36 that adjusts for the title's age, price tier, genre, and review profile.

How much does tobyfox earn from Undertale?

After Steam's tiered platform fee of effectively 26.1%, tobyfox keeps an estimated $32,661,238 from Undertale's gross revenue of $44,214,984.

Here's the breakdown:

  • Gross Revenue: $44,214,984
  • Steam's Fee (26.1%): -$11,553,746
  • Developer Revenue: $32,661,238

Note: This doesn't account for publisher shares, taxes, or development costs.

What percentage does Steam take from Undertale?

Steam uses a tiered revenue sharing model that reduces the platform's cut as a game earns more:

  • First $10 million: 30% to Steam, 70% to developer
  • $10M to $50M: 25% to Steam, 75% to developer
  • Above $50M: 20% to Steam, 80% to developer

For Undertale, with an estimated gross revenue of $44,214,984, this results in an effective rate of 26.1%. Steam keeps approximately $11,553,746 and tobyfox receives $32,661,238.

How accurate are these revenue estimates for Undertale?

These estimates use the Boxleiter method, a widely-used industry approach that estimates game sales from the number of Steam reviews.

Factors that affect accuracy:

  • Review-to-purchase ratio varies by genre
  • Discount history - games with frequent deep sales may have higher ratios
  • Regional pricing - different prices in different markets are not captured
  • Refunds - Steam's return policy means some counted sales were refunded
  • Bundled sales - keys sold through third-party bundles may not generate reviews

We provide a confidence range ($24,563,880 to $73,691,640) to reflect this uncertainty. For the best estimate we combine the Boxleiter range with a calibrated midpoint (x36) and a calibrated ASP of $5.

What would Undertale earn on Epic Games Store instead?

If Undertale generated the same gross revenue on the Epic Games Store, tobyfox would keep approximately $39,029,186 - that's $6,367,948 more than on Steam.

At this revenue level, Epic's concrete platform fee would be $5,185,798. Epic charges 0% on the first $1 million in annual per-app revenue and then 12% on the remaining amount. On GOG (30% cut), the developer would earn approximately $30,950,489.

Note: This is a hypothetical comparison. Actual sales volumes differ significantly between platforms, and Steam's larger user base typically drives substantially higher sales.

How long do players spend in Undertale?

According to SteamSpy data, players spend an average of 13.6 hours in Undertale, with a median playtime of 6.3 hours. The large gap between average and median suggests a dedicated core community playing well beyond the typical player.

What is Undertale's Metacritic score?

Undertale has a Metacritic score of 92/100, which is considered "generally favorable" by critics. The Steam community rates the game 97% positive based on 272,932 user reviews.