Steam posted its strongest half-year on record, generating an estimated $11.1 billion in gross revenue for the first half of 2026, up about 14.5% from H1 2025 and 8% above H2 2025, underscoring ongoing growth in PC gaming spending.

Long-term momentum appears durable, with projections showing Steam’s annual revenue rising from roughly $5.5 billion in 2017 to around $20 billion in 2025, signaling a substantial growth trajectory.

Industry observers note developers face intense competition for attention as durable backcatalogues and discounted classics dominate the market, impacting launches of new AAA and AA titles.

Indie hits like Slay the Spire 2 are performing strongly in early access, with a notable wishlist-to-purchase conversion rate (about 40% of pre-launch wishlisters, 31% in the first week).

Overall growth is increasingly driven by back catalogue sales rather than new releases, marking a shift in Steam’s market dynamics with implications for publishers and developers.

Revenue from newly released games is shrinking as a share of total revenue, moving from 29% in H1 2024 to 27% in H1 2025 and 21% in H1 2026, expanding back catalogue’s dominance.

This shift means back catalogue revenue now accounts for roughly 79% of Steam’s half-year take, up from 71% previously.

Among top new-release performers in H1 2026, Forza Horizon 6 leads with about $198 million (3.5 million copies sold), followed closely by Resident Evil Requiem (~$194.5 million) and Crimson Desert (just over $190 million). Slay the Spire 2 and Subnautica 2 also contribute meaningful revenue.

In 2026, the strongest new releases by revenue include Forza Horizon 6, Resident Evil Requiem, and Crimson Desert since their launches within the period analyzed.

Subnautica 2 exhibits a slower conversion rate (roughly 12%), highlighting differences in early-access monetization compared with Slay the Spire 2.

Growth drivers include rising Asian player engagement (notably Chinese players), higher prices for new releases, viral co-op hits, smarter back catalogue strategies by major publishers, and third-party publishers returning to Steam after experimenting with own launchers.

Steam continues to dominate the PC gaming storefront, attracting more players, developers, and consumer spend and reinforcing its leading market position.