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Valve runs its massive PC gaming ecosystem with only about 350 employees
(arstechnica.com)
This is a most excellent place for technology news and articles.
It's not just about Steam taking a smaller cut, the whole distribution chain makes it so the people developing the product are the poorest ones in the development to consumer process.
If publishers and distributors took a smaller cut and prices stayed the same instead of going down, it would mean that developers would get more money for their work, developers are people like you and me.