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Epic Games bribes developers to make their games free for a week, so it's gonna be losing more money than gaining more money.
Plus, Steam does a free-to-keep thing every now and then
Game devs/publishers can make games free to keep. A few actually are to claim now: https://steamcommunity.com/discussions/forum/12/2527030866866290296/
Other than you wanting free games, there isn't actually a reason why Valve would have to give out free games.
I am sure its currently ongoing for Company of Heroes 2 right now.
Alien swarm was a free mod, CS:GO and TF are paid by micro transactions and other stuff.
First of all, it's not valve or epic that set the price. Developers can chose any platform and publish their games for free. They will be most welcomed to do so.
Valve's top games are already all free (CSGO, TF2, Dota2), and do does epic (Fortnite). The result of the "free games" made them giants. Developers who made expensive games need to constantly reinvent, only to be bombarded by complaints from customers who expect perfection. They also limit themselves to a few platforms and lost support. It's not about steam vs epic, what we face is the decision of the developers who chose not to sell their games to our preferred platform.
Ubisoft have realized the concept and plans to develop AAA games for free.
Perhaps there will be many "surprise elements" that cost money, but that means the top 1% will support our games with cosmetics, we can get them for free as long as it is not pay to win. Popular free games usually have a very long support period. If it's bad, support ends and nobody lose.
Little Nightmares and Company of Heroes 2 are both free right now.
I suppose to do it "like Epic", they would have to do it weekly, on a regular time schedule, and announce them more prominently on the front page, but aside from those details, Steam does have freebies occasionally. They just don't broadcast them like Epic, or do it with such regularity.
Those games are free to play, not free. Also they were made to be free to play, designed around the concept. Giving away games that are not meant to be free and not designed around it isn't the same thing at all.