I think a huge reason Steam can pursue the strategy it has is because it's privately owned. Without the pressures of anonymous shareholder returns and 'cutting edge' new CEO ideas aka John Riccitiello, Steam can make considered moves more in their long term interests and thus more in the interests of gamers.
Yes, and what is fascinating to me is that any company can choose to stay private or become public. Valve isn't in on any secret, it is just that most companies and founders, facing the question "do I want to follow my vision, or sell out and make a boatload of money?" pretty much always choose the latter.
I would love to know and learn more about companies that stayed private and went on to do great things.
Any company can choose, but investors want to cash out, and by far the easiest way is to have the company go public.
I don’t know how much investment valve received earlier on, but given that Gabe alone still retains >50% of it, I’d say he answers to no one regarding its future.
