Capcom's financials show that embracing Steam has paid off handsomely: It now accounts for a third of all the publisher's revenue

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What're ya buying?

Capcom's Osaka HQ
(Image credit: Capcom)

Capcom has released its financial report covering April 2024 to March 2025, and the big takeaway is that Steam is now the publisher's single largest revenue driver. Sales on Steam over the period totalled 52.723 billion yen ($363 million), an increase of 61.1% over the previous fiscal year, which makes Valve's platform responsible for 31.3% of the company's total sales (versus 21.5% in the previous fiscal year).

Things get even more handsome when just looking at Capcom's digital content business, which excludes stuff like arcades, with Steam accounting for 42.1% of total sales (thanks Gamebiz.jp). In comparison, sales of software on PlayStation now account for less than 10% of the total, with Capcom omitting the exact % due to it being below that threshold.

Seregios in a Monster Hunter Wilds cutscene.

(Image credit: Capcom)

This is Capcom's eighth year in a row of record profits, and it is one of the more notable successes among the traditional Japanese third-party giants. Capcom has in recent years pursued a strategy of releasing its newest titles simultaneously on Steam and consoles, while also porting and/or remastering older titles to the platform: and just like Sony, it's learning that serving PC players pays very well indeed. As former PlayStation boss Shuehei Yoshida put it, releasing games on Steam "is almost like printing money."

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Rich Stanton
Rich Stanton
Senior Editor

Rich is a games journalist with 15 years' experience, beginning his career on Edge magazine before working for a wide range of outlets, including Ars Technica, Eurogamer, GamesRadar+, Gamespot, the Guardian, IGN, the New Statesman, Polygon, and Vice. He was the editor of Kotaku UK, the UK arm of Kotaku, for three years before joining PC Gamer. He is the author of a Brief History of Video Games, a full history of the medium, which the Midwest Book Review described as "[a] must-read for serious minded game historians and curious video game connoisseurs alike."

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