Valve’s PC platform, Steam, continues its upward trajectory, achieving remarkable results in the first half of 2026 by generating an impressive $11.1 billion in revenue. This figure surpasses not only the strong sales period of late last year but also significantly exceeds earnings from the first half of 2025.
Factors Driving Steam’s Astounding Growth
According to estimates from data analysts at Alinea Analytics, several key factors contribute to Steam’s remarkable boom. Rhys Elliott, the head of market analysis at Alinea, identifies the dominant Chinese market, increased prices for new releases, and the return of third-party publishers who abandoned their own launchers as pivotal reasons for Steam’s ongoing success. Notably, the Chinese market holds substantial weight; as of February 2025, 50% of all Steam accounts belonged to Chinese-speaking users.
Elliott explains, “When you look at the last decade as a whole, it becomes quite astonishing. There is a visible dip as the market normalized after the pandemic boom, but the long-term trend is undeniably upward — with seven consecutive half-years of growth.” This consistent growth can also be illustrated by the fact that Steam’s revenue has nearly quintupled over the past decade, bringing in almost five times the revenue in the first half of 2026 compared to the same period in 2017.
Major Hits and Indie Successes
The top performers on Steam this year include Forza Horizon 6, which generated $197.7 million in less than two months, and Resident Evil Requiem, which has grossed $194.5 million since its February launch. Remarkably, the title sold 3.4 million copies on Steam, with $1.3 million coming specifically from cosmetic packages. This could indicate that other games, like Assassin’s Creed Black Flag Resynced, may also see success from similar strategies. Crimson Desert, launched in March, made an impressive $190 million as well, marking a strong debut for a new franchise. Additionally, noteworthy indie titles such as Slay the Spire 2 ($141.7 million) and Subnautica 2 ($133.6 million) have also contributed significantly to Steam’s growth.
Challenges Faced by Console Makers
While Steam thrives in the booming PC market, the console sector is facing considerable challenges. Microsoft’s gaming revenue has declined by 7% year-over-year, and there’s uncertainty about bouncing back after a recent “reset.” Similarly, PlayStation is experiencing a decrease in sales of its exclusive titles, further complicated by the announcement that future exclusives will not be available on PC. Both companies are grappling with rising hardware costs triggered by a RAM crisis stemming from the global boom in artificial intelligence.
Furthermore, player sentiment toward both console giants is low, particularly after Sony announced the discontinuation of game discs by 2028. In contrast, Microsoft finds itself as the scapegoat amid a brutal wave of layoffs affecting both fans and developers. It’s a tough time in the gaming sector, yet Steam continues to showcase its resilience and opportunity for growth amidst this turmoil.
Understanding the RAM Crisis
The worldwide surge in artificial intelligence is leading tech giants to deplete the market for memory chips (RAM). This surge in demand has skyrocketed production costs for console manufacturers like Sony and Microsoft, indicating that future generations of consoles are likely to be significantly more expensive.
