Steam generated $11.1 billion in revenue during the first half of 2026, the highest half-year total in the platform's history, according to new data from analytics firm Aliena Analytics.
Read the wider context in Steam Generated .1 Billion in Revenue During the First Half of 2026.
Revenue rose 14.5% year-over-year, driven by increased player activity in Asia, higher price points for new releases, and the sustained popularity of viral co-op titles. However, the primary growth engine was back-catalogue sales, as publishers used discounts, bundles, and limited-time offers tied to new franchise entries to move older titles.
According to Aliena Analytics' report as covered by GamesIndustry.biz, the share of catalogue revenue climbed from 71% to 79% of total spending, while revenue from new releases has gradually declined since H1 2024. This shift underscores the challenge facing mid-sized and smaller developers in a marketplace where deep discounts on established titles dominate player spending.
"When a new release has to compete with a decade of discounted classics, the money pools at the very top (a handful of viral hits, beloved sequels, and big franchises)," Aliena said. "Meanwhile, the long tail launches into a market that already has more great games than anyone has time to play."
Among new 2026 releases, Forza Horizon 6 led the charts with an estimated $197.7 million in revenue within two months of launch. That figure includes $4 million from DLC and $2 million from VIP memberships. Crimson Desert followed at $190 million since its March launch, with Slay the Spire 2 at $141.7 million, Subnautica 2 at $133.6 million, and indie hit Meccha Chameleon at $73.1 million.
Resident Evil Requiem contributed a notable $194.5 million to the period, which Aliena said was bolstered by Capcom running targeted promotions for earlier franchise titles alongside the new release. The back-catalogue boost strategy has become increasingly common among major publishers launching new entries in long-running series.
Aliena noted that the new titles finding success on Steam share common traits: a viral hook, a built-in audience from a beloved sequel or franchise, an impulse-friendly price point, or a bold take on an established genre. The data firm's analysis suggests that breaking through on Steam in 2026 requires more than a quality game it requires a distinct market position and existing audience awareness.
The $11.1 billion figure covers game sales, in-game transactions, and DLC but excludes hardware such as the Steam Deck. Steam's growth trajectory shows no signs of slowing, with the platform's player count and revenue continuing to rise even as the broader PC gaming market matures.
For developers, the data paints a mixed picture. The platform's growing audience offers more potential buyers than ever, but the increasing dominance of catalogue sales means new releases face stiffer competition for attention and wallet share. The trend toward deeper discounts on older titles also pressures launch-day pricing strategies, particularly for games that do not have established franchise recognition.
Looking at regional trends, Aliena highlighted that growth in Asia, especially in China, was a significant factor in Steam's record performance. The platform has invested in localised storefronts, payment methods, and regional pricing, which have expanded its reach in markets where PC gaming continues to grow faster than console. That regional expansion has helped offset any plateau in more mature Western markets.
The data also reflects a structural change in how players spend on Steam. Catalogue sales now approach 80% of all revenue, suggesting that players are increasingly comfortable waiting for discounts on new releases. For consumers, this player behaviour reinforces the value of Steam's seasonal sales events, which have grown into major calendar moments for the industry. For publishers, it creates a tension between maximising launch-day revenue and the long tail of catalogue earnings that Steam's discount-driven ecosystem rewards.
