Souls-likes: From Niche to Mainstay 2025 Report

Souls – likes: From
Niche to Mainstay
What factors play a part in the success of a souls -like game?
Video Game Insights. Supporting creativity through data.
VGinsights.com | Contact: support@sensortower.com

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01
Table of Contents
02
03
How are souls – likes doing? 4 – 8
Top selling AAA souls – like games 9 – 13
Souls – like games by region 14 – 17
Final thoughts 18 04

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APAC is the dominant region when it comes to developers, publishers and
consumers of the genre. This is especially reflected in the AAA genre which
leads in terms of units sold.
Overview:
This report explores the growth of souls -likes as a subgenre and its long -term commercial viability across developer
and publisher classifications, whilst looking at the role China plays in a souls -like’s success.
Summary:
● Indies contribute more in terms of number of games released since 2015, however AA and AAA dominate more in
terms of units sold.
● APAC region, which is led by Japan, China and Korea are the main developers and publishers of souls -like titles.
● From a player perspective, China’s influence is unmatched with the success of a souls -like game dependent on
its ability to excite and engage players from the region as well as the United States.
Methodology:
The methodology relies on VGI’s estimations and looks at games launched from January 2015.
Overview of the Report

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How are souls – like
games doing?
01

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Top Souls -likes based on Units Sold Steam
The frequency of games tagged with “souls – like” is increasing
with the tag now an established sub – genre on Steam.
Notes: Games launched after 01/01/2015
Sources: VGI data, Team Analysis
Frequency of games releases since 2015 tagged with Souls -like on Steam
Number of Releases tagged with Souls -like on Steam
Black Myth: Wukong
20.3M Units Sold
Elden Ring
15.6M Units Sold
Monster Hunter: World
13.0M Units Sold
Dark Souls 3
9.1M Units Sold
Hades
8.4M Units Sold
9 19 27
56
73
123
209
238
263
371
207
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
(YTD)
+41%

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However, it seems that the souls – like boom in game numbers is purely driven
by indie titles – AA and AAA titles have remained relatively steady over time.
Between 2015 and 2017, souls -like releases on
Steam were largely driven by AA publishers, with
2017 marking the peak of their dominance at
nearly ninety percent of total releases. From 2018
onward, AAA publishers experienced a slight spike
in number of releases which initially surpassed
releases from AA studios. By 2023, AAA releases
accounted for almost two -thirds of the market,
reflecting the genre’s shift from a niche space
championed by smaller publishers to a
mainstream category embraced by major studios.
Overall, the data highlights a clear transition of
souls -like games from an AA -led innovation phase
to widespread adoption and investment by
AAA publishers.
Notes: Games launched between 2015 and 2025
Source: VGI data, Team Analysis
Number of souls -like releases on Steam based on publisher classification
Publisher class distribution between AA and AAA
4
50%
2015
67%
33%
2016
88%
13%
2017
50%
50%
2018
43%
57%
2019
67%
33%
2020
50%
50%
2021
43%
57%
2022
38%
63%
2023
60%
40%
2024
20%
2025
2
50%
8
4
7
3 3
7
8
5 5
6
AA
AAA

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The same growth can be seen when looking at overall units sold.
However, majority of the growth here has been driven by AA and AAA titles.
Notes: Games launched after 01/01/2015
Sources: VGI data, Team Analysis
Estimated Units Sold since 2015 tagged with Souls -like on Steam
Number of Units Sold tagged with Souls -like on Steam
2%
2016 2017 2018 2019
3%
2020 2021
0%
2022 2023 2024 2025
(YTD)
6.8M
12.1M
18.2M 19.1M
28.0M
9.5M 9.4M
26.8M
16.0M
39.0M
20.4M
60%
11%
30%
76%
22%
5%
89%
7%
83%
5%
11%
46%
34%
20%
44%
53%
2015
14%
66%
81%
18%
36%
9% 21%
6%
22%
72% 71%
12%
17%
55%
AAA AA Indie
Since 2015, sales of Souls -like games on Steam
have shifted sharply between publishers. AAA
studios led early, lost ground to AA developers in
2017, then quickly regained dominance.
2019 marked a breakout with Sekiro : Shadows Die
Twice and Star Wars Jedi: Fallen Order , while
Elden Ring pushed the genre fully mainstream in
2022. In contrast, 2020 –2021 saw a lull, with Nioh
2 as the only major release.
By 2024, AAA titles accounted for nearly three –
quarters of sales, a share that grew past 70% in
early 2025. Though AA and indie studios drove
early growth, AAA publishers now firmly control
the market.
Post pandemic effect with few games
released as well as only one major AAA
souls -like released –Nioh 2 .
We consider Black Myth: Wukong
to be an indie title, given Game
Science’s relative independence and
lack of significant game releases
before, which skews the 2024 units

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Rise of Souls -Likes Peak
Era
Dark Ages Era Mainstream Era
In the past ten years, souls – likes have been through several eras culminating
in its peak era in 2019 ahead of its acceptance into gaming zeitgeist.
Notes: Games launched after 01/01/2015 including From Software games.
Sources: VGI data, Team Analysis
Percentage split of Souls -likes against total number of Steam games
Total percentage of games vs percentage of souls -likes on Steam
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
1.9%
2.6%
3.3%
4.0%
7.0%
1.8% 1.7%
5.1%
2.7%
5.5%
4.3%
1. Rise of Souls -likes – 2015 -18
Along with Dark Souls 3 the Souls formula grew
popular with hits like Bloodborne and Dark
Souls Remastered , praised for their tough yet
rewarding combat.
2. Peak souls -likes -2019
Indies like Hades , Code Vein and Blasphemous
along with AAA games Sekiro and Jedi: Fallen
Order drove record sales.
3. Dark Ages Era – 2020 -21
Dark Ages (2020 –21): The pandemic slowed
Souls -likes, with Nioh 2 as the only major AAA
release.
4. Mainstream Era -2022 -25
With Elden Ring , Black Myth: Wukong , and
China’s growing role, Souls -likes have entered
the mainstream.

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Top selling souls – like
games (AAA)
02

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AAA souls – likes are developed and published by APAC based
developers and publishers with Japan leading the way.
Notes: Units sold estimates are based on VGI data
T op 10 souls -like games based on units sold (games released after 01/01/2015)
Top 10 Souls -like Games Released after January 1, 2015 on Steam, PlayStation and Xbox
STAR WARS Jedi:
Fallen Order
Elden Ring Monster Hunter: World Assassin’s Creed Valhalla Black Myth: Wukong DARK SOULS III Cuphead Sekiro : Shadows
Die Twice
Hades
41.3M 40.6M
35.0M 33.2M
27.5M
23.0M
17.1M 16.2M 15.2M
Bloodborne
25.6M
Price $39,99 $59,99 $59,99 $59,99 $59,99 $39,99 $59,99 $19,99 $59,99 $24,99
Release Year 2019 2022 2018 2018 2024 2015 2016 2017 2019 2019
Publisher Electronic Arts Bandai Namco Capcom Ubisoft Game Science Sony Interactive
Entertainment Bandai Namco
Studio MDHR
Entertainment
Inc.
Activision
Supergiant
Games
Publisher Tier AAA AAA AAA AAA Indie AAA AAA AA AAA AA

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AAA Case Study: Elden Ring
Notes: Country breakdown and overlapping Games based on VGI data
Elden Ring – Game, Player and Country Insights on Steam
Units Sold, Overlap Index, Player Insights & Country Breakdown
Top Overlapping Games Reception and Engagement
Players by Country
Overlap Index, Lifetime on Steam Units Sold, Average playtime, Reviews on PC & Consoles
1
2
3
Elden Ring: Nightreign
The First Berzerker :
Khazan
Rise of the Ronin
40.6M
Units Sold
121.8 hrs
Average
Playtime
92.9%
Positive
Reviews
25%
23%
40%
5%
4%
4%
China
USA
Germany
United Kingdom
Canada
Other
0M
10M
20M
30M
40M
50M
Dec 24 Mar 25 Jun 25 Jul 25
39%
40%
21%
Sep 25
100%
Steam PlayStation Xbox
Cumulative Est Units Sold –Steam, Xbox, PlayStation

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AA Case Study: Wuchang: Fallen Feathers
Notes: Country breakdown and overlapping Games based on VGI data
Wuchang: Fallen Feathers – Game, Player and Country Insights on Steam
Players by Country
1
2
3
AI Limit
Rise of the Ronin
The First Berzerker :
Khazan
1.4M
Units Sold
28.8 hrs
Average
Playtime
49.5%
Positive
Reviews
72%
7%
16%
2% 2%
2%
China
USA
Russia
Germany
Hong Kong
Other
Cumulative Est Units Sold –Steam, Xbox, PlayStation
0.0M
0.5M
1.0M
1.5M
2.0M
2.5M
3.0M
3.5M
Jul 25 Aug 25 Aug 25 Sep 25
46%
14%
40%
Sep 25
100%
Steam PlayStation Xbox
Units Sold, Overlap Index, Player Insights & Country Breakdown
Overlap Index, Lifetime on Steam Units Sold, Average playtime, positive reviews on Steam
Top Overlapping Games Reception and Engagement

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Indie Case Study: Hollow Knight: Silksong
Notes: Country breakdown and overlapping Games based on VGI data
Hollow Knight: Silksong – Game, Player and Country Insights on Steam
Players by Country
1
2
3
Nine Sols
Ender Magnolia: Bloom
in the Mist
Laika: aged Through
Blood
7.8M
Units Sold
25.5 hrs
Average
Playtime
81.4%
Positive
Reviews
24%
18%
7%
42%
6%
3%
China
USA
Russia
Brazil
Germany
Other
Cumulative Est Units Sold –Steam, Xbox, PlayStation
0M
2M
4M
6M
8M
Sep 25 Sep 25 Sep 25 Sep 25
72%
9%
19%
Sep 25
100%
Steam PlayStation Xbox
Units Sold, Overlap Index, Player Insights & Country Breakdown
Top Overlapping Games Reception and Engagement
Overlap Index, Lifetime on Steam Units Sold, Average playtime, positive reviews on Steam

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Souls – like games
by region
04

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Developer tier shows APAC’s rising influence, reaching 80% in
2025 while western developed games have shrunk dramatically.
From 2020 to 2025, Souls -like game
development on Steam shifted heavily
toward APAC. While the region already led
with 60% in 2020, its share briefly dipped
to 30% in 2022 –23 as Western regions
gained ground.
However, when looking at units sold on
Steam, souls -like games from the APAC
region lead overwhelmingly. The
America’s had its strongest performance
in 2023 accounting for 33% of the units,
whilst EMEA is still viewed as an emerging
region in the souls -like sub -genre.
Notes: Games launched between 2020 and 2025, with over 20
Steam Reviews
Source: VGI data, Team Analysis
Regional segmentation of souls -like games based on games and units sold on Steam
Developer region distribution of top 20 soulslike games between 2020 and 2025
20%
40%
20%
40%
20% 20%
20%
10% 50%
30%
20%
60%
50%
30% 30%
60%
80%
2020 2021 2022 2023 2024
0%
2025
APAC
Americas
EMEA
Souls -Like Developer Distribution by Geography,
By Number of Games Released
6%
24%
5%
25%
11% 5%
4%
25%
33%
7%
1%
89%
72% 69%
42%
81%
97%
2020 2021 2022 2023 2024
2%
2025
Souls -Like Developer Distribution by Geography,
By Units Sold

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Player split by country of souls -like games on Steam
Player split across the top 10 souls -like games between 2015 and 2025
Chinese players continue to gain an ever – larger share of souls – likes with the only
outlier being games with their own launchers as a result of restriction in China.
Between 2015 and 2025, Chinese players
have become a driving force in souls -like
games on Steam. While Black Myth:
Wukong is dominated by China (73%),
most titles like Elden Ring and Monster
Hunter: World still show sizable Chinese
shares. Across the genre, China
consistently represents a quarter to a third
of players, making it increasingly central
to a game’s success.
This trajectory is especially notable given
restrictions in China that push some
games toward alternative launchers
rather than Steam.
Notes: Games launched between 2015 and 2025
Source: VGI data, Team Analysis
19%
50%
43%
55% 52%
45%
52%
71%
39%
62%
5%
73%
25% 38%
23% 26%
27%
27%
43%
16%
7%
23%
16% 20% 20% 24% 19%
25%
16% 20%
1%
Black Myth:
Wukong
2%
Elden Ring
3%
Monster
Hunter: World
2%
Dark Souls III
2%
Hades Monster
Hunter Wilds
2%
Hollow Knight
1% 2%
Path of Exile 2
2%
Sekiro:
Shadows
Die Twice
2%
Cuphead
20.4M 15.6M 13.1M 9.2M 8.5M 8.2M 7.2M 6.1M 5.8M 5.4M
US
China
Japan
Other

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Player split by country on Steam
Player distribution of top 20 souls -like games between 2015 and 2025
China is the primary consumer of souls – like games with United States
and Germany making up the rest of the top three countries.
47%
23%
5%
5%
4%
15%
China
United States
Germany
Russia
Canada
Other
Top 5 + other
China accounts for nearly half of all
players of souls -likes at 47%. This
represents a significant shift in the global
audience, as Chinese players now form
the largest share by a wide margin. The
US follows with 23%, while Germany sits
in third at just 5%. Russia and Canada
contribute similarly modest shares, at 5%
and 4% respectively, with the remaining
15% spread across other regions.
What this highlights is a clear rebalancing
of the global player base: where the genre
once leaned heavily on Western
audiences, China has now emerged as the
central hub for souls -like games.
Notes: Games launched between 2015 and 2025
Source: VGI data, Team Analysis

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Final Thoughts
What began as a niche subgenre defined by FromSoftware’s distinct vision has evolved into a global pillar of game
design, now firmly embraced by AAA publishers while still nourished by inventive indie studios. The genre has
demonstrated remarkable staying power, surviving moments of stagnation and transforming into a mainstream
category with breakout successes such as Elden Ring and Black Myth: Wukong. Looking ahead, the continued
appetite for challenging, skill -based gameplay suggests that souls -likes will persist as a creative proving ground,
shaping combat systems, narrative design, and player engagement strategies across the wider gaming industry.
This trajectory owes much to the APAC region, where developers and players have not only embraced but
redefined the genre. Japan established the foundation, but China and Korea have rapidly scaled their influence,
both as creative hubs and as essential consumer markets. China, in particular, now accounts for nearly half of the
global player base, meaning the long -term viability of any major souls -like often hinges on its ability to captivate
Chinese audiences. In this respect, initiatives like PlayStation’s China Hero Project have played a pivotal role. By
funding, mentoring, and spotlighting emerging Chinese studios, the program accelerated the maturation of local
developers, many of whom turned to souls -like design as both a technical challenge and a cultural expression.
Titles nurtured under this initiative demonstrated that Chinese talent could compete on equal footing with global
studios, and their successes fed directly back into the worldwide growth of the genre. The next decade of souls –
likes is likely to be defined by cross -pollination between East and West, with APAC remaining the beating
heart of innovation, scale, and audience engagement .
Souls -Likes Secure Their Future as a Global Mainstay, Driven by APAC Innovation

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Appendix

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Souls – likes Pricing
Strategy
03

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Launch in standard AAA launch prices from budget to premium tiers on Steam
Key Insights
AAA games have traditionally been
priced at $49.99 –$59.99, but since
2021 a new premium tier of $69.99 –
$79.99 has become increasingly
common, driven by rising
development costs and next -gen
console standards. While $59.99
remains the historical anchor,
flagship titles are now often launched
at higher prices, with only a small
share of remasters and mid -scope
releases appearing at budget tiers
($29.99 –$39.99).
Notes: Games launched after 01/01/2015
Sources: VGI data, Team Analysis
Price Distribution of AAA Souls -like Games on Steam
AAA game pricing distribution on Steam (2015 -2025)
3
5
4
8
4
2
$9,99 -$19,99 $19,99 -$29,99 $39,99 -$49,99 $49,99 -$59,99 $59,99 -$69,99 $69,99 -$79,99
Number of Games

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AAA souls – likes are developed and published by APAC based developers and
publishers with Japan leading the way
Notes: Units sold estimates are based on VGI data
T op 10 AAA souls -like games based on units sold (games released after 01/01/2015)
Top 10 Souls -like Games Released after January 1, 2015 on Steam
Black Myth: Wukong Elden Ring Monster Hunter: World Dark Souls III Hades Monster Hunter Wilds Hollow Knight Path of Exile 2 Sekiro: Shadows
Die Twice
Cuphead
20.4M
15.6M
13.1M
9.2M 8.5M 8.2M 7.2M
6.1M 5.8M 5.4M
Price $59,99 $59,99 $29,99 $59,99 $24,99 $69,99 $14,99 $29,99 $59,99 $19,99
Release Year 2024 2022 2018 2016 2019 2025 2017 2024 2019 2017
Publisher Game Science Bandai Namco Capcom Bandai Namco Supergiant
Games
Capcom Team Cherry Grinding Gear
Games
Activision Studio MDHR
Entertainment
Publisher Tier Indie AAA AAA AAA AA AAA AA AA AAA AA

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AAA souls – likes are developed and published by APAC based developers and
publishers with Japan leading the way
Notes: Units sold estimates are based on VGI data. Excludes free games
T op 10 souls -like games based on units sold (games released after 01/01/2015)
Top 10 Souls -like Games Released after January 1, 2015 on PlayStation
God of War Ghost of Tsushima
DIRECTOR’S CUT
Assassin’s Creed Valhalla Monster Hunter: World STAR WARS Jedi:
Fallen Order
ELDEN RING DARK SOULS III Sekiro : Shadows
Die Twice
48.3M
34.3M
19.2M 19.0M 17.6M 16.3M
10.4M 8.1M
Bloodborne
25.6M
Demon’s Souls
7.7M
Price $19,99 $69,99 $19,99 $59,99 $39,99 $39,99 $59,99 $54,99 $59,99 $69,99
Release Year 2018 2021 2015 2020 2018 2019 2022 2016 2019 2020
Publisher Sony Interactive
Entertainment
Sony Interactive
Entertainment
Sony Interactive
Entertainment
Ubisoft Electronic Arts Electronic Arts Bandai Namco Bandai Namco Activision Sony Interactive
Entertainment
Publisher Tier AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA

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AAA souls – likes are developed and published by APAC based developers and
publishers with Japan leading the way
Notes: Units sold estimates are based on VGI data
T op 10 souls -like games based on units sold on Xbox (games released after 01/01/2015)
Top 10 Souls -like Games Released after January 1, 2015 on Xbox
STAR WARS Jedi:
Fallen Order
Assassin’s
Creed Valhalla
ELDEN RING Cuphead Ori and the Will
of the Wisps
Dead Cells Remnant: From
the Ashes
Hades Lies of P STAR WARS Jedi:
Survivor
18.8M
13.1M
8.5M
6.9M
5.7M 5.6M 5.1M 5.1M 4.9M 4.8M
Price $39,99 $59,99 $59,99 $23,98 $29,99 $24,99 $39,99 $24,99 $59,99 $69,99
Release Year 2019 2020 2022 2017 2020 2018 2019 2021 2023 2023
Publisher Electronic Arts Ubisoft Bandai Namco Studio MDHR Xbox Game
Studios
Motion Twin Arc Games Supergiant
Games
Neowiz Electronic Arts
Publisher Tier AAA AAA AAA AA AAA AA Indie AA Indie AAA

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Definitions and methodology
Glossary
Terms Definitions
AA/AAA games Large budget games developed by massive teams and companies. AAA game budgets are typically over $100M to develop
CAGR Compound annual growth rate
CCU Concurrent users –active players in -game
FtP Free to play games
Full Game Revenue Revenue from the direct sale of a game, excluding any DLC and MTX revenues
IAP In -app purchases
Indie games Games developed by independent studios. This covers a large range of studios from 1 person hobby projects to larger studios o f a few hundred
employees, but budgets still fall far short of the AAA game levels
MTX Microtransactions
Unit Sales Estimate Using different estimation methods, including an algorithm based on our internal database of actual sales and the Boxleiter m eth od to get from
Steam review numbers to estimated sales. Detailed overview of the method is highlighted in the section below
Revenue Estimate Estimated units sold multiplied by the price at the time. This is gross revenue, including the Steam cut, but adjusted for lo cal currencies,
returned products and discounts
More information:
Definitions: https://sensortower.com/product -video -game -insights
Email: Support@sensortower.com

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Legal Disclaimer
Legal Stuff. We’ll Keep It Brief
Video Game Insights (VGI) is in no way affiliated with Steam or Valve.
All data provided in this report is freely available and can be shared without any restrictions.
All data provided in this report is based on estimates and should be considered as such.
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the issues when highlighted to us.
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