Steam Is on Track to Top $20 Billion in a Year for the First Time

Steam shows no signs of slowing down. According to an analysis by research firm Alinea Analytics, reported by PC Gamer, Valve's store has just wrapped up a record-breaking September, and on the back of that momentum the firm considers it all but certain that its annual revenue will break the $20 billion barrier for the first time in its history. This isn't a cautious estimate: the analysts are talking about something that can be taken as a given, not a mere possibility.

Why should you care if you play competitively or create content? Because PC isn't a niche surviving in the shadow of consoles: it's a platform that keeps growing and that draws a large share of the industry's money, attention and talent. When the dominant store in an ecosystem sets one record after another, the decisions Valve makes (about visibility, fees, sales events or creator tools) stop being technical details and start shaping where people play, what they play and who makes a living from it.

What you need to know

• The core report comes from PC Gamer, which draws on data from Alinea Analytics.
• Steam has just closed out a record September in revenue.
• Based on that result, the firm considers it certain that Steam's annual revenue will exceed $20 billion.
• It would be the first time the platform has reached that figure in a single year.
• The analysts' underlying message is clear: Steam isn't slowing down.

What this record means

The source doesn't specify which games or releases drove September's result, so it's best not to fill in the gaps with guesswork. What matters is the trend: a record month isn't a one-off when it's enough to project that the entire year will break an all-time ceiling. That points to a user base that isn't just holding steady but keeps spending, and a catalog with enough pull to sustain that pace for months.

For the industry, crossing the $20 billion mark also carries symbolic weight. It cements Steam's position as the default storefront for PC gaming and makes life even harder for rival stores, which have spent years trying to claw back market share with exclusives, free games or lower fees. If the market leader keeps breaking records despite all that, the takeaway is an uncomfortable one for the competition: habit and community matter more than one-off deals.

Who it affects

Developers, because being on Steam is still practically mandatory for any project aiming to reach a broad PC audience. Players, because such a dominant platform effectively sets the standard for pricing, sales and refund policies. And creators and esports teams, because a large share of the titles that get played competitively, streamed and analyzed go through that very same store.

Our take

At Underworld Lordz, we see this as good news with some fine print. The good part: PC is more alive than ever, and that means more players, more potential competitive scenes and more room for creators to find an audience. A growing ecosystem is one where new games with competitive potential emerge, and that's always something we're interested in.

The fine print is concentration. When a single store holds that much power, any change to its recommendation algorithm or its rules can sink or skyrocket a game overnight. For a team or a creator, relying on a title staying visible on Steam means relying on decisions that no one outside Valve controls. Record-breaking revenue doesn't guarantee that the money gets distributed in a way that benefits small studios or the competitive scenes that grow around them.

That's why our stance is pragmatic: make the most of the moment, yes, but without putting all our eggs in one basket. Diversifying streaming platforms, building our own community in spaces like our Discord and not tying ourselves to a single game or store is the best way to make sure Steam's growth works for us and not against us.

What do you think?

Steam keeps breaking ceilings while other stores are still trying to find their place. Some see it as proof that Valve is doing things right, while others believe that so much concentration will eventually take its toll on players and studios. We've shared our take, now it's your turn: do you think Steam's dominance is good for the PC competitive scene, or would you prefer a more evenly divided market? Let us know in the team chat or on our Discord.