Santa Ragione has revealed that its surrealist horror game Horses left the studio $42,000 in debt despite strong sales on select platforms.
The 2025 game sold 30,000 copies on GOG, Itch, and Humble Bundle for roughly $100,000 in revenue. Only $8,000 of that total reached the studio after distributions.
A press release from Santa Ragione detailed the split: $30,000 went to director Andrea Lucco Borlera, $62,000 went to private funders to cover their $50,000 investment plus returns, and $8,000 remained with the studio. Co-founder Pietro Righi Riva confirmed this left Santa Ragione $42,000 short on its self-funded costs.
Horses was banned from Steam and Epic Games stores before its release on the other platforms.
