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Remedy and Annapurna announce a strategic cooperation agreement on Control 2
(www.remedygames.com)
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The store taking a smaller cut of the pie either means that developers get more money to spend on the game or consumers spend less for games. Full stop.
Publishers have revenue sharing percentages with the developers, if a game sells more and makes more money per sale the developer gets more money.
There is no way that Valve is the good guy or even neutral for taking more of the pie then they need to.