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HELLO GIANT
Los Angeles, CA
MAY 26, 2026
00
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
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.
HELLO GIANT
Los Angeles, CA
MAY 26, 2026
02 / 05
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
AUTH
EXEC
ORIG
MKT
TOTAL
BM_BASE
BM_BULL
3/5
3/5
3/5
2/5
11/20
0.85
0.7
THREE-INGREDIENT BELIEF SCORE
HEADLINE METRICS
HELLO GIANT
Los Angeles, CA
MAY 26, 2026
03 / 05
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.
KEY RISKS
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.
THESIS
HELLO GIANT
Los Angeles, CA
MAY 26, 2026
04 / 05
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)
WHERE TO GO DEEPER
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%.
RECOMMENDATION
HELLO GIANT
Los Angeles, CA
MAY 26, 2026
05 / 05