BLADE RUNNER: OFF-WORLD
Premium AA narrative RPG set in the Blade Runner off-world colonies, by Disco Elysium creators ZA/UM, licensed by Alcon Entertainment. $5M HG (publisher slot) in $22.5M three-financier project; full-project 100/75/50/40 waterfall. Game-first IP adaptation thesis.
STUDIO
ZA/UM (DISCO ELYSIUM CREATORS)
TYPE
CO-FINANCING (HG ONE OF 3 FINANCIERS)
STATUS
CONDITIONAL — WATCHLIST (MKT 22% BELOW FLOOR; COMMERCIAL SCALE RECALIBRATED POST-ZERO PARADES)
DOCUMENT DATE
MAY 29, 2026
PREPARED BY
HELLO GIANT CAPITAL
AUTHOR
DAN BUNTING
HEADLINE METRICS
METRIC
BEAR
BASE
BULL
WEIGHTED
Lifetime Units
250K
800K
1.8M
––
HG MOIC
1.54x
4.06x
7.29x
3.77x
HG XIRR
12.8%
47.0%
72.1%
29.5%
HG Proceeds
$7.71M
$20.29M
$36.44M
$18.83M
THREE-INGREDIENT BELIEF SCORE
AUTH
EXEC
ORIG
MKT
TOTAL
BM_BASE
BM_BULL
3/5
3/5
3/5
2/5
11/20
0.85
0.7
THESIS
Film-IP-driven games succeed when they take a game-first innovative approach (Riddick: Butcher Bay, GoldenEye 007, Alien: Isolation, Shadow of Mordor) rather than predictable adaptation paths. ZA/UM’s narrative density applied to Blade Runner’s off-world colonies — with turn-based combat and dual replicant/runner perspective — is exactly the kind of unexpected pairing that produces breakouts. Zero Parades demo reception (Feb-Mar 2026) materially de-risks the studio creative-continuity narrative that was the primary v1 underwriting concern.
KEY RISKS
Cap stack gap: $2.5M of $22.5M closes via UK VGEC tax credit assumption. Pre-LOI: confirm UK co-dev structure OR alternative cap stack closure (Alcon stretch / co-pub stretch / scope compression).
Blade Runner-specific innovation hook unspecified (Nemesis-system equivalent). Pre-LOI creative direction review; if hook is just “ZA/UM aesthetic + Blade Runner setting,” bull weight should compress.
Marketing 22% of TPC — below 25% framework floor for premium AA narrative RPG. Push for stretched marketing allocation pre-LOI or compressed scope.
RECOMMENDATION
CONDITIONAL APPROVAL. Most leveraged deal in the slate. v3 weighted MOIC 3.77x / 29.5% IRR is UP from 3.09x — but that is the corrected full-project waterfall (100/75/50/40 vs old 90/50/30/20), NOT improved fundamentals. Zero Parades launch (one week ago): quality validated (MC83 / OC86) but commercial scale soft (~160K WL, ~3K CCU, review-bombed to 74-79%) → bull reverted 30%→23%, bear up 20%→25%. MKT $5M/$22.5M = 22% is below the 25% floor (scores 2/20) — flagged. Pre-LOI: Alcon royalty, UK VGEC, combat prototype, creative hook, raise marketing to ≥25%.
WHERE TO GO DEEPER
BladeRunner_Investment_Memo.docx — full memo (v2 post-Zero Parades)
BladeRunner_OffWorld_Financial_Model.xlsx — deal model
Hello Giant Capital/Hello Giant Capital Cash Flow Model.xlsx — slate position (Game 02)
HELLO GIANT
Los Angeles, CA
MAY 26, 2026
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