Steam Hits Record $11.1 Billion as Older Games Drive Growth

Steam generated an estimated $11.1 billion USD in gross game revenue during the first half of 2026, according to a July 9, 2026, report from Alinea Analytics. The figure marks the platform's strongest six-month performance on record. It is 14.5% higher than H1 2025 and 8% above H2 2025, despite the latter typically benefiting from holiday sales.

The report says Steam's growth is no longer driven only by new releases. Older games are generating a larger share of revenue. Higher game prices, viral co-op hits, stronger demand in Asia, and major publishers returning to Steam have also contributed to the platform's momentum.

Steam's Back Catalog Continues to Grow in Value

Rhys Elliott, head of market analysis at Alinea Analytics, stated that Steam recorded its “highest-ever half-year” for gross game revenue in the first half of 2026.

Steam's annual revenue has climbed from around $5.5B in 2017 to roughly $20B in 2025, the report estimates. H1 2026 alone nearly matched the platform's revenue for all of 2021. Meanwhile, the share of revenue from newly released games is also shrinking.

Titles launched in 2026 accounted for 21% of revenue, down from 27% in 2025 and 29% in 2024. That leaves 79% coming from older games. Alinea attributes the shift to publishers making better use of discounts, seasonal sales, bundles, and long-term catalog strategies. The report also notes that players now have years of proven titles competing with every new release.

Forza Horizon 6 Leads 2026's Biggest Launches

Among new releases, Forza Horizon 6 topped Steam with $197.7M in estimated revenue and more than 3.5M copies sold. It was followed by Resident Evil Requiem ($194.5M), Slay the Spire 2 ($141.7M), Crimson Desert (more than $190M), and Subnautica 2 ($133.6M).

However, Meccha Chameleon, an indie multiplayer game developed by a two-person Japanese team, ranked sixth by revenue despite its $6 price tag. Released on June 9, 2026, the title became Steam's best-selling game by copies sold after going viral with content creators and streamers, selling more than 15M copies in less than a month.

The report estimates Steam has already added another $500M since H1 ended, pushing its 2026 gross revenue to $11.6B. The figures suggest Steam's growing library has become one of its biggest competitive advantages, making it harder for new games to stand out.