Steam's user count and revenue for new games has doubled since 2020

As one of the few private companies that is a powerhouse when it comes to PC gaming, Valve isn't beholden to shareholders. And with that, unlike Sony and Microsoft or even Ubisoft, we don't get quarterly reports detailing things like users, growth, and detailed revenue breakdowns from a financial perspective. However, Valve has released its Steam Year In Review 2024 which gives us a glimpse into the continued success of the platform and company.

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"2024 was a year of growth for the Steam platform," Valve writes. "In December of 2024, we crossed 39 million peak concurrent users for the very first time (and while we were drafting this post, the platform crossed 40 million). Steam has nearly doubled in peak concurrent users since March of 2020, when online platforms saw big spikes in activity due to Covid-19 quarantine."

Revenue from new game releases, measured as gross revenue from the first 30 days of release, has increased 10X since 2014. Like the peak concurrent user count, revenue has doubled since 2020.

Valve notes that in 2024, 500 new games exceeded $250,000 in revenue (up 27% from 2023), while 200 new games exceeded $1 million in revenue. "2024 was a remarkable year for new releases, but that success is part of a trend stretching back many years, as we continue to create more opportunity for developers launching new titles," Valve adds.

In its breakdown of 2024, Valve uses the example of hit indie release TCG Card Shop Simulator as an example of the platform's global reach and distribution. Developed Malaysian studio OPNeon, a region that accounts for 0.5% of Steam's traffic, the game was embraced by over 1 million players in its first month of release - covering players in Australia, Canada, China, France, Germany, Japan, Pakistan, Taiwan, the United Kingdom, and the United States.

Valve also notes that big releases and indie titles like TCG Card Shop Simulator are attracting new users to the Steam platform, and they're sticking around. The company looked at 1.7 million new Steam users and customers that joined the platform in 2023 for a specific release. Since joining Steam, these players have spent around $93 million on games, DLC, and in-game transactions across thousands of products.

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