Steam First-Half 2026 Sales Hit Record $11.1 Billion, Back Catalog Drives 79% of Revenue
The shrinking share of new releases in Steam's revenue indicates that the platform's growth is increasingly fueled by its expanding back catalog, a trend that may influence how publishers prioritize discounts and bundles over launch-day sales.
Key Facts
- Steam's first-half 2026 revenue reached $11.1 billion (approximately 1.8 trillion yen), a record high for the platform.
- Revenue grew 14.5% compared to the first half of 2025 and 4.7 times compared to the first half of 2017.
- New releases accounted for only 21% of total revenue in the first half of 2026, down from 29% in 2024, meaning back catalog titles made up 79%.
- Top-selling new releases included Forza Horizon 6, Resident Evil Requiem, and Crimson Desert, each exceeding $190 million in Steam sales.
- The estimate comes from Alinea Analytics, which analyzed a database of over 25,000 data points.
Reporting from 2 sources: Automaton, Game Spark.
Game market research firm Alinea Analytics estimates that Steam's total game sales in the first half of 2026 reached $11.1 billion (approximately 1.8 trillion yen), setting a new record for the platform's highest semi-annual revenue. The figure represents a 14.5% increase over the same period in 2025 and an 8% increase over the second half of 2025, which typically benefits from holiday sales. Compared to the first half of 2017, revenue has grown 4.7 times. The estimate is based on a database of over 25,000 data points, including publicly available sales figures. A notable trend is the declining share of revenue from new releases: titles launched in 2026 accounted for only 21% of total sales, down from 29% in the first half of 2024 and 27% in the first half of 2025. This means back catalog titles-games released in prior years-made up approximately 79% of revenue. Alinea Analytics attributes the growth to an influx of players from Asia, particularly China, rising game prices, the success of cooperative play titles, and publishers' increasing skill at monetizing older titles through discounts and bundles. Among new releases, Forza Horizon 6, Resident Evil Requiem, and Crimson Desert each sold over $190 million on Steam. The report notes that Steam's sales typically increase further in the second half due to year-end sales.
The estimate was published on July 9 by Alinea Analytics. The $11.1 billion figure already exceeds Steam's total annual sales for 2020, and it approaches the full-year 2021 total of $11.4 billion during the pandemic peak. Cumulative sales for 2026 have already reached $11.6 billion after the first half.
The declining share of new releases is a multi-year trend: 29% in first half 2024, 27% in first half 2025, and 21% now. The back catalog grows richer each year as more games are released on Steam. Graphics quality improvements have slowed, so many players see little difference between a 2021 game and a 2026 game. New installments in series also boost sales of older titles. Publishers have become skilled at monetizing older games through discounts, bundles, and limited-time sales. The influx of players from Asia, especially China, rising game prices, and the success of cooperative play titles also contribute. Additionally, third-party publishers are returning to Steam after attempting their own launchers.
Beyond the three top sellers already noted, other hit titles in 2026 include Slay the Spire 2, Subnautica 2, and Meccha Chameleon. The report concludes that "truly great games will always find players" but notes that competition in a market where classic past titles are always available at low prices is becoming increasingly severe.
Synthesized by Yomimono from the 2 cited sources below, including Japanese-language reporting where cited, then editorially reviewed before publishing.