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Not all of us were children back then. We could buy whatever we wanted, we got amazingly better deals than today, and we enjoyed the way Flash sales promoted new stuff every few hours.
Nowadays, Valve just recycle the same low quality banners and put little effort into actually showcasing anything different for the duration of the sale. The sales are boring because Valve lost any real interest in doing anything with them, and publishers, likewise, got more stingy with the discounts while also raising base prices.
Again, most of us knew how to shop smart. We still do. Flash sales are not the problem, impatient people not understanding how to shop smart were. The rest of us shouldn't be punished because they lacked the brains to think for a few seconds.
Rose tinted glasses.
They just remember the good things and forgot all the bad ones.
Which basically made everyone's experience worse.
Steam never did anything to "get some more % on games" -- they are a rather established company and don't need to pay sales out of their own pockets. If a publisher wants to give you a 70% discount, you get a 70% discount. Valve will not, and never has, make that a 75% or 80% discount.
There are discounts beyond 75%. I do not, however, have any statistics whether there's fewer of them now.
The big Steam sales have always had the problem that "everyone" is "waiting" for them, and that they run for 2 weeks. You don't run a 90% discount if everyone is buying at 66% as well.
Well, they did try vouchers for an event, but they certainly didn’t revisit them or continue to offer vouchers when they debuted the point shop etc.
Steam experimented with lots of various ways and methods to make sales.
* As steam expanded to a much more global scale for its customers, having flash sales began to be detrimental depending on your region. These kinds of things started off with it being valid for maybe 8 hours. extending to 24 hours, then a few days. Eventually getting rid of it entirely
* These flash/community sales had a very detrimental Russian Roulette style meta with developers. You had to apply to the flash/community sales before hand. but you had no idea if you were going to be accepted. Flash sales that had 'small' discounts compared to the normal sales were loudly derided by the community (which was dumb). So developers began to basically gamble. They would set their BASE sale at a HIGHER PRICE in the HOPE that when they got accepted to the flash/community sale the price differential would be worth it. But if you weren't selected you couldn't change the base sale price. Thus instead of say
$10 game -> 50% base -> 75% off flash sale
You'd get
$10 game -> 25% base -> 75% off flash
As such as a consumer you were overall getting worse deals as developers were trying to meta the flash/community sales. Since not all games would be accepted many games were left at a higher base % sale price that coudln't be changed. So in the above example the game would be stuck at 25% off, instead of the more intended 50% off.
People also seem to forget, that again Steam doing these sales at the time was an innovation and unique to steam itself. Today there are literally dozens of online stores running similar promotions. These promotions are also happening literally every day of the year somewhere. Steam sales have not gotten 'worse'. Its simply that there's now many other stores all doing the exact same thing.
Nothing rose tinted about it; sales back then were better. They had flair and enjoyment that went past just a discount. Valve at least TRIED to promote more than just the same handful of titles that get trotted out every single sale. Flash sales were small part of that, but an interesting one that, by end, had even eliminated "FOMO" given they actually ran for 24 hours, and were even repeated at the end of the sale too -- plenty of time for anyone truly interested in a title to check for it.
Even the percentage of a sale isn't the reason current sales are worse. The fact developers/publishers pushed prices up across the board is the problem. Now the same 60% discount is more expensive today than it was several years ago.
So to sum up, todays sales are void of unique identity, not as cheap as they used to be, with zero effort done to promote a range of titles. They're a wasted opportunity.
The biggest issue with the flash sales is people also were able to find out what would go on sale next just like they were able to find out when big sales would happen before Steam started listing them out.
IE: $60 game used to sell 75% off for $15. Now the game sells 'only' for 50% off... But the base price is now $30, so the actual discounted sale price is... $15!!
Mind flash sales had to be lenghtened in duration up to the point they were basically daily deals, because so much people kept missing them (because they happened while they were sleeping, at work, far from a computer, etc...)
It became a race to the bottom. At first it was worth, because the boom of sales you got from the visibility of being on a flash sale made it worth it... But as visibility on Steam became less of a selling factor, so did that need of gambling.
Eventually Flash sales were just a little bump from the regular sale price before Steam got definetly rid of them.
Note EVERYTHING Valve did during sale events were nothing but mechanics to generate engagement with the platform. Buy games, play games, get achievements from games, Post screenshots, trade, make reviews... They did a great job out of disguising what basically was gamifying purchases.
Let's also not lose the focus that during many of those events the only way to really advance (and freebies) was to BUY a lot of games on sale (as progression in the meatagame was tied to achievements from on-sale games)...
Sale games were literally pay-to-win metagames.