The video game industry is facing a period of widespread closures and cancellations, but the money is still flowing—and a significant portion of it is landing in Valve’s pockets. According to data from Alinea Analytics, Steam is currently on track to reach its most lucrative year in history, having already pulled in $11 billion in gross revenue during the first half of 2026.

The Impact of $70 Blockbusters

While the platform has benefited from new player growth and surprise indie hits, a major factor in these record-breaking numbers is the rising cost of software. Titles like Resident Evil Requiem, Forza Horizon 6, and Crimson Desert have each generated nearly $200 million in Steam sales so far this year. These games carry a $70 asking price—or $100 in Canadian currency—a pricing standard that is becoming the norm across the industry.

The Rise of the Back Catalogue

Despite the high revenue generated by new blockbusters, the bulk of Steam's activity is happening in the back catalogue. Data from Rhys Elliott at Alinea Analytics indicates that new releases now account for less than 20 percent of total sales, a figure trending down 6 percent from last year. Players are increasingly choosing to purchase games years after their initial release, a shift in behavior that mirrors the long-tail success seen in home video markets.

Broader Market Growth

Steam’s windfall isn't just about price increases. The platform has seen significant expansion in Asian markets, particularly in China. Additionally, the fragmented landscape of PC gaming has consolidated, as major publishers that previously attempted to maintain their own platforms—such as Ubisoft with Uplay—have shifted their focus back to Steam. Even smaller, inexpensive multiplayer titles like Meccha Chameleon are contributing to the platform's sustained dominance, as Steam continues to serve as the primary host for viral, low-cost indie games.

Quick Facts

  • Steam generated $11 billion in gross revenue in the first half of 2026.
  • Resident Evil Requiem, Forza Horizon 6, and Crimson Desert each generated nearly $200 million in sales.
  • New game releases now represent less than 20 percent of Steam's total sales.
  • New release revenue is down 6 percent compared to the previous year.