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Ubisoft comes crawlin' back to Steam
(www.pcgamer.com)
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its more or less that yes. they saw the money but not the time and effort to get users to use your platform.
and its not like impossible, as long as you can create games people will play and stay at itll work (e.g Riot), but they legit put such little effort in the launchers that it was creating a negative user experience, and never put in the money to make it better.