Steam: How 336 People Generate More Revenue Per Employee Than GAFAM

© Valve

Steam reigns supreme in PC video game distribution. The platform has nearly 40 million daily users and hosts tens of thousands of games. These impressive numbers mask an even more surprising reality: This entire system is running on a smaller team than the one that developed Baldur’s Gate 3.

Data revealed in an antitrust lawsuit shows that Valve generates more revenue per employee than Facebook, Apple, Netflix, Google, Microsoft, and Amazon combined. Facebook, which ranks second, makes $780,400 per employee, or $89 per hour. By comparison, Amazon, with its 1.5 million employees, only generates $15,892 per person.

The secret to formidable efficiency

This extraordinary performance is based on several pillars. First, Valve has built a quasi-automated system. Steam works like a well-oiled machine where developers can easily publish their games directly. Users have powerful community tools to moderate content and help each other. This approach significantly reduces the need for support and moderation staff.

The 30% commission taken by Steam on each sale is also a major lever. This practice, although contested in the Wolfire Games lawsuit, allows Valve to generate substantial revenue without increasing its operational costs. Each new game sold on the platform contributes to the turnover without requiring a significant investment in human resources.

An atypical structure that redefines the standards

Valve stands out for its unique corporate culture. The company operates without a traditional hierarchy, allowing employees to choose their projects. This flexibility promotes innovation and efficiency. Teams form and dissolve naturally as needed, avoiding the bureaucracy that often weighs down large organizations.

The launch of the Steam Deck in 2022 perfectly illustrates this agility. Valve developed and marketed a high-performance portable console without recruiting massively. The company favored strategic partnerships and automation over the uncontrolled expansion of its workforce.

A model that is difficult to replicate

Valve's performance calls into question the efficiency of large tech groups. However, this model remains difficult to reproduce. Steam benefits from a dominant position built over more than 15 years in a specific market. The platform benefits from powerful network effects: the more players there are, the more developers are attracted, creating a virtuous circle that strengthens its position.

Gabe Newell’s company demonstrates that a small, highly skilled team can outperform giants in terms of efficiency. This approach stands in stark contrast to Amazon, which relies on a large workforce to manage its logistics operations, or Microsoft, which maintains massive teams to develop and maintain its many products.

The impact of the artificial intelligence boom could reshuffle the cards in this ranking. Companies like Nvidia are experiencing explosive revenue growth thanks to demand for AI chips. But Valve maintains its unique position thanks to its robust business model and minimalist approach to business management.

• Valve generates more revenue per employee than tech giants with just 336 people
• The model is based on extensive automation and a 30% commission on sales
• The company culture without hierarchy and the agility of the teams allow this exceptional performance

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