Despite ongoing challenges across the gaming industry, Steam continues to post record-breaking financial results. According to estimates from Alinea Analytics analyst Rhys Elliott, the platform generated $11.1 billion in gross revenue during the first half of 2026. That represents a 14.5% increase compared to the same period in 2025 and marks the strongest half-year performance in Steam's history.
Elliott noted that Steam earned more revenue in the first six months of 2026 than it did during the entirety of 2020, when demand for video games surged amid the pandemic. Even more notably, the first half of 2026 outperformed the holiday-heavy second half of 2025 by 8%, despite the latter traditionally benefiting from seasonal sales and holiday spending.
«In the first half of 2026, games on Steam generated $11.1 billion in gross revenue, the platform's highest-ever half-year. That's up 14.5% compared to H1 2025 and even 8% higher than H2 2025, despite the back half of the year usually benefiting from seasonal sales and holiday purchases», —Elliott said.
The analyst also highlighted another important trend. New releases accounted for 29% of Steam's revenue in the first half of 2024, falling to 27% in H1 2025 and just 21% in H1 2026. Meanwhile, revenue from older titles has increased from 71% to 79%.
According to Elliott, publishers are becoming increasingly effective at monetizing their back catalogues through discounts, bundles, and seasonal promotions. As a result, newly released games are facing growing competition not only from other new launches but also from years of established hits that are often available at significantly lower prices.
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