According to Tom’s Hardware, Valve, the owner of the Steam platform, is ranked as one of the most efficient companies in the world. Data from research firm Alinea Analytics shows that Steam alone generated $16.2 billion (approximately 115.257 billion RMB) in revenue in 2023, and the company's total revenue is projected to reach $17 billion this year.
Valve's remarkable efficiency is reflected in its extremely small workforce and high productivity. Between 2012 and 2021, the company averaged only 350 employees, yet achieved nearly $50 million (approximately 356 million RMB) in revenue per employee. Even based on Microsoft's disclosed 2021 data (annual revenue of $6.5 billion and 360 employees), the revenue per employee still exceeded $18 million, more than double that of Apple ($2.4 million) and Meta ($1.9 million). Valve explicitly states in its employee handbook that its profitability "surpasses Google, Amazon, and Microsoft," and emphasizes that it returns the majority of its profits to its employees—data shows that its annual salary expenditure averages $450 million, exceeding $1.3 million per employee.
It's worth noting that these figures are all from third-party estimates, as Valve, as a private company, is not required to disclose its operational information. Wolford, the independent studio that sued Valve in 2021, disclosed that it had 360 employees, and the lawsuit documents corroborate its high-revenue model. Valve's efficient operation is closely related to its flat management structure and Steam's dominant position in the game distribution market, but it also faces antitrust controversies.
