this post was submitted on 15 Jun 2024
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They at least used to have a rule that publishers can't sell cheaper on other platforms (outside of timed sales that is), meaning that consumers can't get a better price on other storefronts even when those platforms would take a smaller cut. That was very much suppressing the competition as them taking smaller cuts can't transfer into cheaper prices if the publisher also wanted to sell on Steam.
My understanding is that valve says publishers can't sell their games steam keys cheaper on other platforms but can charge whatever they want if steam is not the one providing the download. Network infrastructure isn't free and if steam is the one actually facilitating the download they get to take their share.
I'm not too familiar with the details but there is this excerpt from a blog post by Wolfire Games from 2021 where they say this wasn't the case. Haven't checked it's validity or if it's relevant information to this case, but it is something
http://blog.wolfire.com/2021/05/Regarding-the-Valve-class-action