Alinea: Steam revenue reaches $11.1bn, marking highest half-year on record

Steam’s first-half revenue climbed to an estimated $11.1 billion, up 14.5% year over year and the platform’s best half-year on record. The biggest shift is where that money is coming from: catalogue sales now account for 79% of revenue, up from 71%, while new releases have been gradually losing share since H1 2024.

That matters because the market is increasingly rewarding games that can either break out fast or keep selling through discounts, bundles, and franchise cross-promotion. Capcom’s Resident Evil Requiem is a good example, pulling in an estimated $194.5 million while also helping lift older Resident Evil titles through targeted promotions. Steam’s top end is being dominated by a small number of viral co-op games, big sequels, and established IP.

Among 2026 launches, Forza Horizon 6 is leading with an estimated $197.7 million in two months, including $4 million from DLC and about $2 million from VIP memberships. Crimson Desert has reached $190 million since March, Slay the Spire 2 sits at $141.7 million, and Subnautica 2 has generated $133.6 million. Indie title Meccha Chameleon has sold the most copies among those new releases, showing that a strong hook and a price that feels like an impulse buy can still cut through.

For developers, the practical takeaway is that Steam’s economics are increasingly shaped by catalog depth, pricing strategy, and franchise leverage. Launching a good game is no longer enough on its own; teams need a plan for discounts, bundles, DLC, and audience retention if they want to compete with a storefront full of deeply discounted classics.