There isn't much evidence out there (that I have seen) to indicate what proportion of indies are profitable.
A few factors to consider include:
- Profitable games are often VERY profitable due to low overheads
- Some games are produced as past times not intended to make a profit
- There is an enormous number of these games, diluting the impact the vast majority of them can make
- They often suffer from a lack of exposure.
All in all, I view it as likely a smaller scale (revenue-wise) version of the AAA model. A small number of developers make big money, an enormous number of them lose money.
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