Steam has surpassed 200 million monthly active users, according to new estimates by analyst Simon Carless. The figure represents a significant lead over PlayStation, which Sony officially reported at 125 million MAUs as of the end of March 2026.
Steam also generated approximately $11.1 billion in gross revenue during the first half of 2026, an increase of 14.5% compared to the same period in 2025, according to Alinea Analytics.
A recent survey of games station Users suggest that almost half of console enthusiasts are seriously considering switching to Steam and other PC stores. Valve’s revenue for the first half of 2026 already exceeds what the platform generated during comparable pandemic-era peaks.
How Steam’s Estimated 200 Million Users 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 the global distribution of Steam bandwidth.
The resulting estimate put Steam at 198 million global MAUs in 2025. The latest projection puts Steam above 200 million MAUs by the first half of 2026.
Sony officially reported the 125 million PlayStation MAU figure through Q1 2026 earnings. That puts Steam’s estimated user base at about 60% larger than PlayStation’s.
Alinea Analytics estimates Steam revenue in the first half of 2026 at:
- Approximately $11.1 billion in gross revenue
- Year-on-year growth of 14.5% compared to the first half of 2025
- Greater than the platform generated in 2020, which was a particularly strong year for digital sales due to COVID restrictions.
Revenue growth suggests both higher user activity and higher spending per user. An 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 switching to Steam and what the PC has to offer
Several recent decisions by Sony may push PlayStation users to consider the PC market:
- Production of physical discs for new PlayStation games ends in January 2028
- Digital versions of PlayStation games are usually significantly more expensive than physical copies, sometimes up to 90%.
- PlayStation Store closures on PS3 and PS Vita from August 2026 to July 2027
- Removal of hundreds of Studio Canal movies and TV shows from users’ libraries due to expired licenses
- PlayStation Plus price increases at all levels
- Higher price expected for next PlayStation (PS6) console due to memory chip shortage
Nearly half of PlayStation users surveyed said they are seriously considering switching to Steam and other PC stores.
Steam offers several advantages that resonate with PC gamers:
- Largest game library, including old PlayStation exclusives, brought to PC
- Regular big discounts through seasonal sales
- Various hardware options to play at different prices
- Digital purchasing ownership that continues regardless of individual console generations.
- Alternative PC Stores Like GOG That Operate Without Walled Garden Restrictions
- Community Features, Mod Support, and Workshop Integration
For PlayStation users considering the change:
- Evaluate PC hardware requirements against desired games. A modern PC capable of running current-gen games costs between $700 and $1,000 for a version comparable to a PS5.
- Note that the Steam Deck offers a portable Steam experience for $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.
- Please review Steam’s refund policy and community features that may differ from your console purchase.
- Please note that PC gaming does not include a guarantee of consistent console performance without hardware adjustments.
What this change means for the gaming market and what comes next
The MAU gap between Steam and PlayStation reflects broader changes in the dynamics of gaming platforms:
- PC gaming continues to grow while console growth slows
- More and more players consider that PC and console are interchangeable
- Cross-buying opportunities and cloud savings are less relevant when users migrate between ecosystems
- Publishers have less incentive to keep console-only exclusives when PC releases follow quickly
Former Sony executive Shawn Layden 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 can’t ignore it simply for revenue reasons.
Sony’s transition away from physical media, combined with rising prices and declining in-store availability on legacy platforms, reflects a broader industry pattern. The lower cost of PC gaming, 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 Steam Machine, Steam Deck, and support for third-party portable devices. Valve 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 to diverge in favor of Steam. PlayStation can see the impact accelerate as:
- The PS6 launches at a higher price
- Physical media disappears from new releases
- Other legacy store closures affect PS3 and PS Vita owners
- More PlayStation exclusives coming to PC thanks to Sony’s current portability strategy
For PlayStation users considering the switch, the migration is manageable but requires an evaluation of hardware costs and library considerations. For Steam users, the platform continues to grow with the addition of former PlayStation players and increased hardware support.
Users can watch Sony’s official channels for PlayStation Store and physical media transition updates, and Valve’s announcements for hardware developments and Steam features as both companies compete for gamers’ time and spending.
