page_title: Valve Corporation
section_title: Steam
hierarchical_section_title: Valve Corporation / Products / Steam
caption_attribution_description: Gabe Newell and Doug Lombardi of Valve Software
context_page_description: Valve Corporation, also known as Valve Software, is an American video game developer, publisher, and digital distribution company headquartered in Bellevue, Washington. It is the developer of the software distribution platform Steam and the Half-Life, Counter-Strike, Portal, Day of Defeat, Team Fortress, Left 4 Dead, and Dota series.
  Valve was founded in 1996 by former Microsoft employees Gabe Newell and Mike Harrington. Their debut product, the PC first-person shooter Half-Life, was released in 1998 to critical acclaim and commercial success, after which Harrington left the company. In 2003, Valve launched Steam, which accounted for around half of digital PC game sales by 2011. By 2012, Valve employed around 250 people and was reportedly worth over US$3 billion, making it the most profitable company per employee in the United States. In the 2010s, Valve began developing hardware, such as the Steam Machine, a brand of gaming PCs, as well as the HTC Vive and Valve Index virtual reality headsets.
context_section_description: Valve announced Steam, its digital distribution service, at the 2002 Game Developers Conference. It was launched in September 2003 and was first used to deliver patches and other updates to Valve's online games.
  On August 1, 2012, Valve announced revisions to the Steam Subscriber Agreement (SSA) to prohibit class action lawsuits by users against the service provider. By July 2014, there were over 3,400 games available on Steam, with over 150 million registered accounts by January 2018.
  Alongside these changes to the SSA, the company also declared publicly the incorporation of Valve S.a.r.l., a subsidiary based in Luxembourg. Valve set up a physical office in Luxembourg Kirchberg. According to Valve's project manager Mike Dunkle, the location was chosen for eCommerce capabilities and infrastructure, talent acquisition, tax advantages and central geographic location – most major partners are accessible, 50% within driving distance.
  Valve S.a.r.l. was used to sell games to UK users to avoid paying the full 20% value-added tax (VAT). The tax loophole was expected to close on January 1, 2015. In December 2015, the French consumer group UFC Que Choisir initiated a lawsuit against Valve for several of their Steam policies that conflict or run afoul of French law. One of the reasons was for using the tax loophole. Valve S.a.r.l. ceased business on January 1, 2017, with the main company taking over EU sales again. In August 2017, Valve announced that Steam had reached over 67 million monthly and 33 million daily active users on the platform.
caption: Gabe Newell (foreground) and Doug Lombardi (background), 2007
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