Phantom Blade Zero has generated an estimated $223 million in revenue from 4.3 million copies sold across Steam and PlayStation 5 during its first five days, according to new market research from Alinea Analytics. The November 3 analysis also indicates that markets outside China, Taiwan and Hong Kong accounted for the majority of the game’s revenue, despite contributing fewer than half of its estimated unit sales.
Rhys Elliott, head of market analysis at Alinea Analytics, published the figures following S-Game’s official announcement that Phantom Blade Zero surpassed four million copies sold within 72 hours. While the developer confirmed that earlier milestone, Alinea’s newer estimates provide an independent breakdown of sales by platform, regional revenue and purchasing patterns.
The research firm estimates that approximately 3.1 million copies were sold through Steam, compared with 1.2 million on PlayStation. These figures represent Alinea’s market estimates rather than officially disclosed platform sales, and they do not provide a complete accounting of purchases through other PC storefronts.
The geographical breakdown reveals a substantial difference between where players purchased the game and where most of its revenue originated.
China, Taiwan and Hong Kong collectively accounted for approximately 55% of estimated unit sales, including 56% of Steam purchases and 50% of PlayStation purchases. However, those markets generated only 45% of the combined revenue, leaving approximately 55% attributable to other regions.
Alinea estimates that players outside those three markets purchased approximately two million copies, generating $123 million in revenue. That represents more than half of the game’s estimated $223 million total.
Regional pricing helps explain the difference. Based on the game’s standard US price of $59.99, Alinea identified equivalent prices of approximately $40.31 in China and $41.80 in Hong Kong. Those prices are roughly 32.8% and 30.3% lower, respectively, allowing higher-priced international purchases to contribute a disproportionately large share of revenue.
The findings also show how Phantom Blade Zero’s regional sales composition changed between pre-orders and launch.
According to Alinea’s historical Steam revenue estimates, China represented nearly 70% of the game’s daily Steam revenue when pre-orders opened in August. That proportion remained around 68% during the month, reflecting especially strong early demand in the developer’s home market.
Following the August 18 State of Play presentation, estimated daily US revenue increased from $72,000 to $146,000. China’s daily revenue rose from approximately $237,000 to $892,000, while spending across other international markets also more than doubled.
The presentation therefore increased estimated spending across multiple regions without significantly changing China’s dominant share of pre-order revenue.
A more substantial shift occurred when reviews became available ahead of launch. Alinea estimates that daily US Steam revenue increased from $106,000 on October 25 to $230,000 on October 26, when the review embargo lifted. The figure subsequently reached $463,000 on October 27 and $899,000 on October 28.
That represents approximately an 8.5-fold increase in estimated daily US revenue over four days.
The increase coincided with positive early reviews highlighting the game's combat system, although critics also identified shortcomings in its storytelling and technical performance.
When Phantom Blade Zero launched on October 29, Alinea’s estimates indicate that combined Steam revenue from the United States and other international markets exceeded China’s daily contribution for the first time during the game’s pre-order and launch period.
China’s cumulative Steam revenue share subsequently declined from approximately 65% on October 25 to 45% by November 2. Over that period, the United States increased its share from around 10% to 18%, while the rest of the world rose from approximately 25% to 38%.
These changes reflect faster growth in international purchases rather than an absolute decline in Chinese sales.
The commercial estimates follow a substantial PC launch for S-Game’s action title. Phantom Blade Zero reached 833,921 concurrent players on Steam, demonstrating significant engagement during its opening weekend.
Based on its estimated premium game revenue across Steam, Xbox and PlayStation, Alinea currently ranks Phantom Blade Zero as the tenth-highest-grossing new game of 2026, despite the title not having an Xbox release.
The $223 million estimate represents game sales revenue across the two measured platforms, not confirmed developer profit or an official financial disclosure. Platform fees, taxes, distribution arrangements and development costs are not established by the figure.
S-Game’s confirmed four-million-copy milestone remains the official sales benchmark. Alinea’s independent analysis adds a more detailed picture of how Steam and PlayStation purchases contributed to the launch, particularly the role of international markets in generating more than half of the game’s estimated revenue.
