Indie Games on Steam Make Up 48% of Revenue

Indie games have increasingly become a focal point in the gaming industry, especially on live streaming platforms. Games such as Schedule I, Blue Prince, and Clair Obscur: Expedition 33 have shown that high-quality experiences can emerge from independent studios without backing from major publishers.

These successes illustrate how live streaming can amplify visibility for lesser-known titles, allowing them to compete, at least temporarily, with larger AAA games. The growing appetite among streamers and viewers for original content has contributed to the rise of indie games, though the extent of their long-term impact remains uneven.

Revenue Growth and Market Share

As reported on by Stream Hatchet, data from the 2024 Global Indie Games Market Report by Video Game Insights reveals that indie games made up 99 percent of all Steam releases in 2024 and contributed 48 percent of total revenue based on copies sold. This marked a significant rise from 2023, when indie titles generated just 31 percent of revenue.

The increase points to greater interest and spending on indie games. However, much of this growth is concentrated among a specific category of developers known as Triple I Indies. These studios operate independently but maintain large teams and budgets similar to AAA developers. In 2024, they generated 53 percent of all indie revenue, indicating that smaller indie teams are still competing for less than half of the total indie market share.

Indie Games on Steam Make Up 48% of Revenue

Indie Games Compared to AAA Titles

Stream Hatchet’s analysis of live streaming viewership shows that indie games accounted for 10.3 percent of hours watched among the Top 500 titles in the first quarter of 2025. This figure is a clear improvement compared to six years ago when the share was just over five percent.

The early boost in viewership during the pandemic helped introduce a larger audience to indie titles, especially within genres that provided comfort and entertainment during isolation. However, the proportion of hours watched has been declining since reaching 14.6 percent in mid-2023, suggesting that maintaining consistent interest remains difficult.

The number of indie games featured in the Top 500 each quarter has remained stable, usually representing around one-third of all games. A slight drop was observed during the pandemic years, possibly because long-term AAA live service games attracted and retained new viewers. While some indie games experience short-term spikes in popularity, they often fade faster than their AAA counterparts, which benefit from ongoing updates and larger marketing budgets.

Indie Games on Steam Make Up 48% of Revenue

Launch Performance and Visibility Challenges

One of the key hurdles for indie developers is gaining visibility at launch. Without established franchises or significant pre-release marketing, many indie games struggle to reach wide audiences immediately. Data shows that only nine percent of indie titles surpass five million hours watched in their first 30 days, in contrast to 33 percent of AAA games. This initial lack of traction can hinder discovery on platforms like Twitch, where algorithms tend to favor trending content.

A small percentage of indie games manage to break through and become widely watched. These include titles such as Fall Guys, Phasmophobia, and Palworld, which surpassed 30 million hours watched in their first month. Despite this success, many of these titles are short-lived trends. Their popularity often fades when either similar games emerge or AAA studios enter the genre, dividing the player and viewer base.

Indie Games on Steam Make Up 48% of Revenue

Key Genres Supporting Indie Game Popularity

Specific genres have proven more successful for indie games on live streaming platforms. Since 2019, Rust and Among Us have emerged as the most watched indie games, each surpassing one billion total hours watched. Most of the top-performing indie games fall into three primary categories: co-op, horror, and survival.

These genres provide engaging and often unpredictable content that performs well in live streaming formats. Games such as Valheim, Raft, and Lethal Company continue to benefit from this model. Even single-player experiences like RimWorld gain traction through community mods that introduce multiplayer elements.

Co-op games, in particular, allow for collaboration among streamers, which often leads to shared audiences and increased discoverability. The success of this genre has also influenced AAA development, resulting in titles like Monster Hunter Wilds and Elden Ring: Nightreign adopting more collaborative features. Horror and survival genres remain attractive for smaller studios due to lower production costs and high audience engagement.

Indie Games on Steam Make Up 48% of Revenue

Role of Influencers and Streaming Communities

Influencer marketing has become a valuable strategy for indie developers aiming to overcome the lack of pre-release recognition. Prominent streamers have shown a willingness to experiment with new and unusual games. According to Stream Hatchet, the top streamer of indie titles over the past year was caseoh_, who generated 8.7 million hours watched with games such as Schedule I, Buckshot Roulette, and Chained Together. VTubers like Sakura Miko also support the indie space by regularly featuring lesser-known titles, contributing to more than six million hours watched.

Two types of games appear to attract these streamers most: games with unusual or eerie premises and those focused on organizational gameplay. Examples include MiSide, Arctic Eggs, Supermarket Simulator, and Crime Scene Cleaner. These types of games appeal to both streamers and their audiences by offering novelty and satisfying casual gameplay loops. For developers of upcoming titles with similar themes, targeting creators who already support the indie genre can be an effective promotional strategy.

Indie Games on Steam Make Up 48% of Revenue

Community and Long-Term Sustainability

Despite increased visibility, indie games still face challenges in sustaining momentum over time. Without the support of large marketing teams or the brand recognition enjoyed by AAA franchises, many indie games experience rapid declines in interest after their initial burst of popularity. Maintaining player engagement long enough to build a franchise or sequel remains difficult. However, dedicated fan communities and supportive ecosystems like indie showcases continue to play a key role in promoting new releases and giving smaller studios a platform.

Live streaming communities represent another avenue for long-term growth. Streamers who adopt and champion indie games can help generate the buzz needed to push games up discovery algorithms on platforms like Steam. Rather than relying on short-lived promotions, successful indie marketing often hinges on finding committed content creators who will advocate for the game throughout its release cycle. This form of influencer partnership can be especially critical for studios operating without the resources of larger developers.

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Final Thoughts

The presence of indie games on live streaming platforms has expanded significantly, reflecting growing interest in alternative game experiences. While viewership and revenue have increased, particularly for Triple I Indies, many small developers still face steep challenges in visibility and sustainability. Key genres such as co-op, horror, and survival continue to provide reliable paths to streaming success.

Influencer partnerships, particularly with streamers known for championing indie games, offer critical support for new releases. In an increasingly competitive digital landscape, understanding live streaming dynamics is essential for indie developers. By aligning with the right creators and engaging with active communities, indie games can find not just short-term attention but long-term support from players and viewers alike. Here is a list of all the games mentioned in the article: