[tcmart14]

Steam will also provide publishers with free activation keys that they can sell direct to customer without the 30% charge.

[npinsker]

If you are a large game, they will not provide you an appreciable portion of your sales as keys. Sales made this way also likely hurt your organic distribution.

Re: value propositions: Steam's 30% reduces to 25% after $10M made, and 20% after $50M.