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valve provides tools and suggestions but other than enforcing certain legal requirements for duration and frequency of sales its all decided by the makers/pushers heh
I bet people would buy it
sales(discounts) are limited to every 8 weeks.
and before it is mentioned. price changes have to be nodded by Valve.
Does iTunes set its own prices?
Does Google Play set its own prices?
Also, imagine is EA released their multiplayer games on Steam for dirt-cheap, then let Steam carry the server traffic, the multiplayer functionality etc, all while selling in-game content that Steam takes nothing of.
This situation alone tells me that Steam sets at least limits to pricing, if not absolute prices. Anyone who argues against this must explain why Steam acts against its own interests.
Valve takes ~30% from those sales, if EA would dump their games even for a dollar, Valve would still make profit, but EA would "lose" (/not gain) a lot of money. EA would basically be out of business rather soon.
Sidenote: you don't have to gain revenue from every item / feature.
30% is actually pretty low. If you wanted to sell the game directly from your site, and accept credit card payment, you'd wind up paying as much, if not more. You would have to open a merchant account with a bank (which is subject to it's own fees), then you would have to pay a fixed fee for access to the API, then things get messy. YOu would be chaged a pertransaction percentage of about 10% in addition to aq monthly flat rate fee. meaning you'd still be paying if you made no sales.
Paypall is a little better but, they too charge a flat rate of 10%. Which is less that Steams, but remember Steam provides services beyond simply processing tyhe transaction. You want to care to look up how much a good dedicated or even shared server costs?
If you were selling physical copies ytou'd have an even harder time. Typically what the store pays for a copy of a game os 30-50% less than the retail price, depending on the order amount.