Steam has passed 200 million monthly active users, according to new estimates from analyst Simon Carless. The figure represents a significant lead over PlayStation, which Sony officially reported at 125 million MAUs at the end of March 2026.
Steam also generated approximately $11.1 billion in gross revenue during the first half of 2026, a 14.5% increase compared to the same period in 2025, according to Alinea Analytics.
A recent survey of PlayStation users suggests that nearly half of console enthusiasts are seriously considering switching to Steam and other PC storefronts. Valve's revenue during the first half of 2026 already exceeds what the platform generated during comparable pandemic-era peaks.
How Steam’s 200 Million User Estimate and Revenue Growth Were Calculated
Carless based his estimate on Valve's own disclosure to the European Union to comply with Digital Services Act regulations. Valve reported an average of 31.1 million MAUs in the EU during the second half of 2025. Carless combined this figure with publicly available data on Steam's global bandwidth distribution.
The resulting estimate placed Steam at 198 million global MAUs in 2025. The latest projection puts Steam above 200 million MAUs for the first half of 2026.
Sony officially reported the 125 million PlayStation MAU figure through Q1 2026 earnings. That places Steam's estimated user base at approximately 60% larger than PlayStation's.
Alinea Analytics estimates Steam's first-half 2026 revenue at:
- Approximately $11.1 billion in gross revenue
- 14.5% year-over-year growth compared to the first half of 2025
- Higher than the platform generated in 2020, which was a particularly strong year for digital sales due to COVID restrictions
The revenue growth suggests both increased user activity and higher spending per user. Additional migration from PlayStation to Steam would further increase Valve's revenue and contribute to broader growth across the PC gaming market.
Why PlayStation Users Are Moving to Steam and What the PC Offers
Several recent Sony decisions may push PlayStation users to consider the PC market:
- Physical disc production for new PlayStation games ends in January 2028
- Digital versions of PlayStation games are often significantly more expensive than physical copies, sometimes by 90%
- PlayStation Store closures on PS3 and PS Vita starting August 2026 through July 2027
- Removal of hundreds of Studio Canal movies and TV shows from user libraries due to expired licensing
- PlayStation Plus price increases across all tiers
- Expected higher pricing for the next PlayStation console (PS6) due to memory chip shortages
Nearly half of PlayStation users surveyed said they are seriously considering switching to Steam and other PC storefronts.
Steam offers several advantages that resonate with PC gamers:
- Larger game library, including former PlayStation exclusives brought to PC
- Regular deep discounts through seasonal sales
- Diverse hardware options for playing games at different price points
- Ownership of digital purchases that continues regardless of individual console generations
- Alternative PC storefronts such as GOG that operate without walled garden restrictions
- Community features, mod support, and workshop integration
For PlayStation users considering the switch:
- Evaluate PC hardware requirements against desired games. A modern PC capable of running current-generation games starts around $700 to $1,000 for a build comparable to a PS5.
- Note that the Steam Deck offers a portable Steam experience at $549 to $949 depending on configuration.
- Consider that Sony has already brought many PlayStation exclusives to PC, including Ghost of Tsushima, God of War Ragnarok, and Horizon Forbidden West. Future PlayStation games may follow the same pattern.
- Review Steam's refund policy and community features that may differ from console purchasing.
- Consider that PC gaming does not include the console's guarantee of consistent performance without hardware adjustments.
What This Shift Means for the Gaming Market and What Comes Next
The MAU gap between Steam and PlayStation reflects broader shifts in gaming platform dynamics:
- PC gaming continues to grow while console growth slows
- The number of players who consider PC and console interchangeable is increasing
- Cross-buy opportunities and cloud saves are less relevant when users migrate between ecosystems
- Publishers have less incentive to keep exclusives on console-only when PC releases quickly follow
Shawn Layden, a former Sony executive, recently said that bringing PlayStation games to PC was never about money. The new user estimates provide context that suggests the PC market has become large enough that publishers cannot ignore it purely for revenue reasons.
Sony's transition away from physical media, combined with rising prices and shrinking storefront availability on legacy platforms, reflects a broader industry pattern. The lower cost of PC games, the elimination of physical media as a cost advantage, and the expansion of PC exclusives all contribute to the environment.
Steam continues to grow through hardware initiatives including the Steam Machine, Steam Deck, and support for third-party handhelds. Valve has also released SteamOS 3.8.10 with expanded hardware support and continues to add features like YouTube ad blocking (via third-party browsers like DuckDuckGo) that improve the broader Steam experience.
The MAU trend is likely to continue diverging in favor of Steam. PlayStation may see the impact accelerate as:
- The PS6 launches at a higher price
- Physical media disappears from new releases
- Additional legacy storefront closures affect PS3 and PS Vita owners
- More PlayStation exclusives arrive on PC through Sony's ongoing porting strategy
For PlayStation users considering the switch, the migration is manageable but requires evaluation of hardware costs and library considerations. For Steam users, the platform continues to grow with the addition of former PlayStation players and expanded hardware support.
Users can watch Sony's official channels for PlayStation Store and physical media transition updates, and Valve's announcements for Steam feature and hardware developments as both companies compete for gamers' time and spending.
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