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Frogwares: The Sinking City's Hidden Depths
How a Ukrainian studio built a $22M empire on detective games and digital resilience
In 2003, a small Ukrainian studio bet everything on Sherlock Holmes—a character no one in gaming was touching. Two decades later, Frogwares has generated over $22M in revenue, proving that niche obsession beats generic scale. But their real story isn't about games; it's about surviving war, platform wars, and the brutal economics of indie publishing.
"They didn't chase trends—they built an empire on one detective, then used that foundation to fund their Lovecraftian nightmare."
The Loyalist Core
Frogwares' 25,932 monthly visitors aren't passive consumers—they're a cult. With 46% arriving organically and 38% directly typing 'frogwares.com', this is a community that seeks them out, not one that stumbles upon them. The top search term isn't a game title; it's simply 'frogwares' (1,460 monthly searches), revealing a brand-first audience. This is the difference between transactional and tribal.
The Revenue Engine
At 111 employees and $22.4M revenue, Frogwares operates at ~$202K per employee—a healthy ratio for a game studio. Unlike many indie darlings that burn VC cash, they've scaled through disciplined IP ownership. Their 'Sherlock Holmes' series has 10+ entries, each building on the last, creating a catalog moat that Epic Games Store exclusives can't replicate.
The tech stack tells a story of pragmatic efficiency: WordPress for the CMS, Tailwind CSS and Bootstrap for rapid UI development, jQuery for legacy compatibility, and Google Analytics + Facebook Pixel for conversion tracking. They're not chasing bleeding-edge frameworks—they're optimizing for maintenance velocity. This is a studio that spends time building games, not debugging JavaScript frameworks.
- IP ownership over licensing: 10+ Sherlock Holmes games created in-house
- Hybrid revenue model: Premium games + potential DLC/merch
- Geographic arbitrage: Ukrainian costs with global pricing
- Direct-to-player infrastructure: 38% direct traffic bypasses platform fees
The Blueprint for Sustainable Indie Gaming
Frogwares proves that in an industry of $100M marketing budgets, depth beats width, ownership beats licensing, and a loyal niche beats a broad audience.
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Frogwares - Creators of Sherlock Holmes games and The Sinking City
Creators of Sherlock Holmes games and The Sinking City
Frogwares
Frogwares Studio
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About frogwares.com
Creators of Sherlock Holmes games and The Sinking City
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Technology Stack
frogwares.com uses 13 technologies across their website including YouTube Embed, PHP, WordPress, and more.
Video
YouTube Embed
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PHP
CMS
WordPress
Email Marketing
Mailchimp
Advertising
Facebook Pixel
Analytics & Marketing
Google Tag Manager, Google Analytics
Traffic & Audience
frogwares.com receives approximately 25.9K monthly visitors and ranks #949,217 globally. The website has a bounce rate of 40% with visitors viewing an average of 2.8 pages per visit. Users spend an average of 0:29 on the site.
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