Valve's digital storefront, Steam, has achieved its highest-ever revenue figures in the first half of 2026, generating an estimated $11.1 billion. This performance exceeds the platform's revenue from the latter half of last year and significantly surpasses its earnings from the first half of 2025, according to data from Alinea Analytics.
Several factors contribute to Steam's continued growth. Rhys Elliott, head of market analysis at Alinea, points to the substantial influence of the Chinese market, where a significant portion of Steam's user base resides. The platform has also benefited from higher pricing on new releases and the return of third-party publishers who are opting to distribute their games through Steam rather than maintaining their own launchers. Over the past decade, Steam's revenue has nearly quintupled, with the first half of 2026 alone generating almost five times the revenue seen in the same period of 2017. IMAGE8
This year's top-performing titles on Steam include Forza Horizon 6, which earned $197.7 million in under two months, and Resident Evil Requiem, which garnered $194.5 million since its February launch, with 3.4 million sales on Steam alone. Notably, the cosmetics pack for Resident Evil Requiem contributed $1.3 million to this total. Crimson Desert also had a strong debut, pulling in $190 million since its March release. The success extends to independent titles as well, with Slay the Spire 2, Subnautica 2, and Meccha Chameleon collectively earning $141.7 million, $133.6 million, and $71.3 million, respectively.
In contrast to Steam's success, the console market is experiencing difficulties. Microsoft's gaming revenue has fallen seven percent year-on-year, with expectations that recent strategic shifts will not fully reverse this trend. PlayStation is also facing challenges, with sales of its exclusive titles declining since 2020. The platform holder's decision not to bring future exclusives to PC is expected to further impact its revenue streams. Both Microsoft and Sony are contending with increased hardware costs exacerbated by an AI-driven RAM crisis.
Consumer sentiment has also been negatively affected by Sony's announcement that it will cease production of game discs in 2028. On Microsoft's side, the ongoing impact of recent layoffs has drawn criticism. While the industry faces a challenging period for both consumers and professionals, Steam continues its upward trajectory.