Steam has reached another major milestone in 2026, with the PC gaming platform generating an estimated $11.1 billion in gross revenue during the first half of the year, making it the most successful six-month period in its history.
The latest analysis suggests that Valve’s marketplace continues to expand despite an increasingly competitive games industry, thanks to a combination of blockbuster launches, a growing global audience, and stronger long-term sales from older titles.
According to Alinea Analytics, Steam’s estimated $11.1 billion in gross revenue between January and June represents a 14.5% increase over H1 2025. Even more notably, it exceeded the platform’s revenue from the holiday-heavy second half of 2025 by around 8%, despite the latter traditionally benefiting from seasonal sales and year-end game releases.
Steam’s growth continues at an unprecedented pace
The report highlights how dramatically Steam has expanded over the past decade. In just the first six months of 2026, the platform nearly matched its estimated $11.4 billion total revenue for the entire pandemic-driven year of 2021. Compared with the first half of 2017, Steam’s revenue has grown nearly five times, underscoring the platform’s sustained momentum.
Alinea Analytics attributes this continued growth to several trends. These include the rapid expansion of Steam’s player base across Asia—particularly China—higher launch prices for AAA games, the success of viral cooperative titles, improved monetization of publishers’ back catalogs through discounts and bundles, and the continued return of publishers that previously favored proprietary launchers over Steam.
Older games are becoming Steam’s biggest business
One of the report’s most significant findings is the increasing importance of older titles. New releases accounted for just 21% of Steam’s revenue during the first half of 2026, down from 27% in 2025 and 29% in 2024. That means 79% of revenue now comes from back-catalog games, reflecting how publishers are generating long-term sales through frequent discounts, bundles, remasters, and evergreen franchises.
The report notes that players today are often choosing proven classics over newly released games, especially as graphical improvements between generations have become less dramatic. As a result, many publishers are successfully treating new releases as opportunities to drive renewed interest in their existing catalogs rather than relying solely on launch sales.
Blockbuster releases still fueled Steam’s biggest half-year
While older games dominated revenue overall, several new titles delivered exceptional performances. Forza Horizon 6 led all new releases with an estimated $197.7 million in Steam revenue and approximately 3.5 million copies sold. Resident Evil Requiem followed closely at $194.5 million, while Crimson Desert also surpassed $190 million, making it one of 2026’s most successful new intellectual properties.
Meanwhile, Slay the Spire 2 became one of the year’s biggest surprises. Despite launching in Early Access with a lower $25 price point, the indie sequel sold roughly 7.1 million copies, generating an estimated $141.7 million. Other strong performers included Subnautica 2, which earned $133.6 million, and the viral indie hit Meccha Chameleon, which became Steam’s best-selling game by units despite its $6 price tag.
The report concludes that Steam’s record-breaking growth increasingly depends on both evergreen back catalogs and standout new releases capable of breaking through an increasingly crowded marketplace. While the platform continues setting new revenue records, launching a brand-new game has arguably never been more competitive.
