A new industry survey finds stark dependence on Valve’s Steam among PC game makers, with nearly three quarters of executives saying the platform functions as a monopoly — even as analysts and some developers push back on that characterization.
The headline numbers
The whitepaper "The State of PC Game Distribution," published by distribution platform Rokky and based on an independent Atomik Research poll, surveyed 306 senior industry executives in the United States and the United Kingdom between May 18 and May 22, 2025. Respondents were weighted toward larger companies: roughly three-quarters were C‑suite level and about 77% came from studios with more than 50 employees.
Key findings include:
- 72% of respondents said they believe Steam effectively operates as a monopoly in PC game distribution.
- For 88% of respondents, Steam accounts for over 75% of their PC revenue; 37% said Steam makes up more than 90% of their sales.
- Nearly half (48%) have distributed at least one title on competing stores such as the Epic Games Store or the Xbox PC Games section; far fewer reported using GOG (10%) or Itch.io (8%).
- 53% said they are concerned about their level of reliance on a single platform.
- 80% expect alternative channels to form a regular part of their distribution mix within five years, and 75% anticipate at least a 10% revenue uplift from marketplaces and e‑stores.
- 32% still release at least some physical media — discs, cartridges, or keys-in-boxes.
- Scale and reach: a vast, active user base that drives discoverability.
- A mature feature set and storefront experience widely familiar to PC gamers.
- An ecosystem of community features, mod support, achievements, cloud saves and regular sales that attract buyers.
Rokky co‑founder and CEO Vadim Andreev framed the findings as evidence of a more complex distribution landscape: "With a growing prominence of E‑stores and marketplaces, PC game distribution is more varied, vast, and complex than it has ever been. New opportunities are everywhere — as are pitfalls and challenges."
What developers say they gain — and risk — by going beyond Steam
Respondents highlighted practical reasons for exploring alternatives: control over pricing, promotional support, regional reach and ease of use offered by some marketplaces and e‑stores. Several also noted the persistent draw of global storefronts for discoverability and a large, active user base.
At the same time, devs expressed concerns about the so‑called gray market (resale/third‑party key sites), potential loss of control over distribution and pricing, and fragmentation of their audience if they push too hard to diversify.
The study suggests many studios plan a middle path: keep Steam as the primary channel while incrementally broadening distribution to capture extra revenue and regional audiences.
Critics: is "monopoly" the right word?
Not everyone accepted the survey’s headline without caveat. Veteran industry analyst Mat Piscatella criticized the use of the term "monopoly," arguing that market share alone does not constitute a monopoly in the strict economic or legal sense. On social platforms he wrote, in essence, that a true monopoly implies a single seller with no viable substitutes and the power to set prices unchecked — criteria he says do not fully apply to PC storefronts, where alternatives exist and new entrants can still launch.
The broader point raised by critics: while Steam is overwhelmingly dominant in practice, the space has seen numerous attempts to build credible competitors — from Epic’s store with exclusivity deals and giveaways to Microsoft’s Xbox PC storefront and assorted regional or niche e‑stores — and these efforts underscore that distribution alternatives do exist, even if none match Steam’s scale.
Why Steam remains central
Survey responses and industry observers point to several reasons for Steam’s central role:
Those advantages create powerful network effects: developers follow players to where they are, and players gravitate to platforms with the largest libraries and friend networks.
The business stakes and what could change
Many developers view heavy reliance on a single channel as a business risk. The survey’s projection that 80% will use alternative channels regularly within five years indicates an industry expectation that distribution will diversify — whether through regional stores, bundle sites, marketplaces, or new entrants that successfully address discoverability and payment/region challenges.
At stake are revenue share debates (Valve’s familiar 30% cut remains a flashpoint), control over pricing and promotions, and exposure to gray‑market resale platforms. Some respondents predicted measurable revenue gains from branching out: three‑quarters expect at least a 10% uplift from adding marketplaces and e‑stores to their mix.
Methodology caveats and what the data does — and doesn't — prove
The report offers a snapshot of attitudes among a particular slice of the industry: mostly senior managers from larger studios in the US and UK. Rokky itself notes that the dataset is "dominated by larger companies with diverse portfolios," which helps explain the high share of revenue coming from Steam among respondents. Smaller indie developers — for whom Itch.io or GOG might play a greater role — were less represented.
That sample composition means the survey is a strong indicator of how medium and large studios view platform power, but it is not definitive proof that Steam is an illegal or absolute monopoly across the entire PC game ecosystem.
Bottom line
Developers are candid about Steam’s outsized role in PC distribution: for many studios, the platform is the primary, sometimes overwhelming source of revenue. Yet debate continues over terminology and the practical consequences of that dominance. While some analysts argue the word "monopoly" is imprecise, few dispute that Steam’s scale creates barriers for competitors and shapes how studios sell and market games.
What the industry seems to agree on is this: long‑term risk management will push many studios to diversify distribution, and whether through regionals, marketplaces, bundles, or emergent storefronts, the next five years are likely to see a broader patchwork of channels augmenting — but not immediately replacing — Steam.