Milan-based indie developer Santa Ragione confronts potential shutdown just days before launching its experimental horror title Horses on December 2, 2025, following a mysterious ban from Steam that has blocked access to over 75% of the PC gaming market. The studio, known for acclaimed titles like Saturnalia and Mediterranea Inferno, invested around $100,000 in the project but now anticipates insurmountable financial losses without Valve’s platform. Co-founder Pietro Righi Riva described the ordeal as “extremely frustrating and also f*cked up,” highlighting years of unanswered queries to Steam.
The Unclear Reasons Behind the Steam Ban
Santa Ragione first submitted Horses—a narrative-driven horror game featuring surreal, boundary-pushing imagery of nude human-horse hybrids—to Steam in 2023 during early development, only to receive a rejection without specific feedback on objectionable content. Despite repeated pleas for clarification and offers to modify elements, Valve cited vague “themes, imagery, or descriptions” unfit for publication, leaving the team in limbo for two years. Riva noted that even unfinished playable builds were scrutinized unusually, contrasting with Steam’s typical processes for other indie submissions.
Financial Strain and Studio Survival at Stake
The ban exacerbated Santa Ragione’s woes, as initial $50,000 investments couldn’t be recouped through prior sales of Saturnalia, and a promising bundle deal fell through when Valve withheld keys. Unable to secure further funding without Steam viability, the team borrowed another $50,000 from friends to complete Horses, now set for release on Epic Games Store, GOG, Itch.io, and Humble Store at $4.99. With funds allocated only for six months of post-launch support, Riva confirmed the studio faces a “high risk” of closure, as members pivot to side jobs in teaching, consulting, and other game projects.
Broader Implications for Indie Developers
This incident underscores Steam’s opaque content policies, which Riva argues apply a “double standard” by treating games differently from films despite similar artistic intent. Santa Ragione, a promoter of emerging Italian talent including director Andrea Lucco Borlera, views the ban as a de facto monopoly decision that could doom small studios overnight. As Horses launches without Steam, the gaming community watches whether alternative stores can sustain such avant-garde works amid calls for greater transparency from Valve.
