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It wasn't popular. At all.
There are quite a number of competing services that provide movie and TV show rentals or purchases, that have way better media players or systems set up for watching them on different devices.Steam failed big time at sales and promotion of movies and show series- why would they want to repeat that?
Just like all of the games on Steam- it is up to the people who produce and publish movies or TV shows to bring them here- if they feel like they'll get better sales and rentals from other services with less restrictions and less of a cut being taken off the top by those services- of course they are going to list their shows and movies there instead of here.
As far as e-books and comics- there is only a small percentage of Steam users who have posted threads asking for these things. Again- it would be up to the authors and publishers to bring them here. And again, the cut that Valve takes off of each sale may be much higher than what a vendor like Humble Bundle takes, or ComicXology, or Barnes & Noble, or Overdrive, or Amazon , etc.
Stores have their target markets and focuses- Steam's is video games and DLC for those games (which often does include artbooks, backgrounds, OSTs and such). You focus on the market your store is strongest in, that presents the possibility of the best profit for your company, with the least possibility of repeated failures (which Valve/Steam have already had when they tried to "branch out"). L.L. Bean would never do as well with tuxedos and overly formal sequined wedding gowns as they do with rugged outdoor clothing styles.They know their market, and focus on it.
I also remember PC Gamer published a digital magazine on Steam. It even had a tie-in with Team Fortress 2 for an exclusive hat. It lasted a few issues then it disappeared.
Put simply: people want their gaming launcher to only sell video games for the most part.
And in the end, they would have to compete with other already entablished platforms for those media. I don't think they were willing to. Especially since trends nowadays are more of making platforms focused on one thing, not many.
The problem with movies is no one wants to purchase single movies anymore, people want to subscribe to services that let you watch a ton of movies. That's why it didn't work.
Steam is a gaming platform, I am glad it is like this, the Steam library is already a chaos as it is imho (sarcasticly).
Back in the day, it was awesome to have a physical copy of your game, that often included a poster, booklets and such, more stuff for your money imo.
If you put comics in a digital format, they really loose their value. Just to make an example, Superman number one, is worth a lot of money, digitally, it is worth nothing, unless we are speaking about very specific digital art.