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Not seen any kind of evidence to the whole valve said..... story and internet is full of stories.
It was definitely an early concern and Gabe Newall was on the record about it. That being said this was nearly 15 years ago and a lot of things have changed. So I don't know that I necessarily believe the original promises are applicable. Mostly because back then Steam was literally the only game in town. But now the market has grown and changed in such a way and given Steam's success and the success of digital distribution I'd be much more worried about Steam being bought and changed than it going out of business. IE some other stores not hosting games you've bought indefinitely for example.
Or even if the local Electricity or global Electricity goes down for a couple months. Or forever. Jesus.
Resume: better don't think in those kinds of things, live happy while you can.
And everyone who understands and manages those things is killed? The fundamental laws of the universe no longer apply? It's kind of the one flaw in a lot of those doomsday worries.
Using the Steam search bring up many possible answers...
https://steamhost.cn/steamcommunity_com/discussions/forum/search/?gidforum=882958665520871138&include_deleted=1&q=What+will+happen+if+steam+shuts+down
Or using Google, you can see the various threads over the years about this very topic...
https://www.google.com/search?q=What+will+happen+if+steam+shuts+down?+site:steamhost.cn/steamcommunity_com
From... https://steamhost.cn/steamcommunity_com/discussions/forum/0/1711816076697921219/
https://steamhost.cn/steamcommunity_com/discussions/forum/1/541906989389644257/
https://steamhost.cn/steamcommunity_com/discussions/forum/0/2741975115060786649/
https://steamhost.cn/steamcommunity_com/discussions/forum/12/1484358860940262809/
https://steamhost.cn/steamcommunity_com/discussions/forum/1/364040166692322014/
https://steamhost.cn/steamcommunity_com/discussions/forum/1/828934424083392335/
https://steamhost.cn/steamcommunity_com/discussions/forum/0/828933455838324563/
https://steamhost.cn/steamcommunity_com/discussions/forum/1/864976114858488393/
https://steamhost.cn/steamcommunity_com/discussions/forum/1/392183857626584839/
https://steamhost.cn/steamcommunity_com/discussions/forum/1/412446292776994345/
https://steamhost.cn/steamcommunity_com/discussions/forum/1/617329797178097323/
That should keep you busy for the rest of the weekend.
The reason I started this thread was cos there was so many different answers floating around. Lots of the threads are from like 2013 and I wasn't sure if anything had changed between now and then. Like I said, some say the games will still somehow be downloadable, but others that you don't own the game itself, but the license so if Steam goes, so will your rights to the game.
That said, I doubt Valve would simply leave it's customers hanging high and dry with no access to the content they spent their money on.
Like I remember way back before XP, they had windows media player append rights BS to tracks you ripped yourself, then playsforsure got nuked, then Zune folded.
I'd say Steam is doing pretty good in comparison.