PC gaming’s till has never rung this loud. Market tracker Alinea Analytics estimates that games on Steam generated around R181 billion ($11.1 billion) in gross revenue in the first half of 2026, the platform’s biggest half-year on record. Valve keeps its own books closed, so treat the number as a well informed estimate rather than an official figure. Even with that caveat, the direction of travel is unmistakable.
The numbers, quickly
Alinea puts the first half of 2026 up 14.5% on the same stretch last year. The wilder comparison: it is also up 8% on the second half of 2025, and that half included the festive season, when storefronts usually do their heaviest trade. Zoom out and the curve gets steeper. Steam’s yearly revenue has grown from around R90 billion ($5.5 billion) in 2017 to roughly R327 billion ($20 billion) in 2025, converted at current exchange rates.
The stat that matters: only 21% of Steam’s 2026 revenue so far came from games released this year, down from 29% in 2024. The rest came from the back catalogue, titles that have been on the shelf for a year or longer.
Where the growth is coming from
According to the report, it is several waves landing at once: a surge of new players from China, higher prices on new releases, viral co-op hits that pull in entire friend groups overnight, and big publishers like Ubisoft returning to Steam after trying to make their own launchers happen. Stack all of that on top of a two decade deep catalogue that never stops selling, and the storefront grows even in a year light on blockbusters.
The class of 2026 still showed up
It is not that new games flopped. The top five new earners on Steam this year are Forza Horizon 6, Resident Evil Requiem, Crimson Desert, Slay the Spire 2 and Subnautica 2.
Why this matters in Mzansi
The back catalogue story is quietly great news for South African players. The games making Steam most of its money are the older ones, exactly the titles that surface in seasonal sales at a fraction of launch price. With new AAA pricing climbing and the rand doing what the rand does, the smart local play is clearer than ever: build the wishlist, watch the sale calendar, and let patience stretch your gaming budget further.
Sources: Alinea Analytics: Steam is having another record year · PC Gamer · Tom’s Hardware