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Lots of work for, apparently, no benefit.
Also, the sale games went away because 1) they were dumb, and 2) people botted/automated/cheated like hell at them, making them awful for everyone else.
Because we are still sad about it, also I don't think anyone complained about "cheaters", could be wrong though but I never did personnally and never saw someone complaining about it, mostly because either the events were "solo" or because every team was cheating so it was cancelling out.
Pro Tip:
Those were engagement tools meant to draw people in. Valve doesn't need to do that anymore. 133 million active accounts. EVERYONE knows about Steam now.
THAT was a sale.
I didn't know about this one, I don't expect them to do that now that the steam shop is filled with many games but I must have been cool.
Pretty sure the last event was the choose your own adventure thing in 2022. That's hardly a long time ago really, and Steam has had plenty of users for years. It did in 2022. It did in 2021 with the riddle thing. It did in 2020 with the F1 thing. There hadn't been a need to run these seasonal events for simply for drawing new members in for years even before they ended.
Valve are lazy and have no pride in their work.
Simple, more and more people visited the store to buy stuff when those things where removed.
Valve didn't see a need of them being there because it hurt the sales.
A decade plus of that and the devs decided not to bother.
https://imgur.com/a/DZONxWG
No one has ever said that Valve made sense. They've never even said it.
https://developer.valvesoftware.com/wiki/Valve_Time
You bring up a good point there about server stress. In addition to not drawing in more sales, the events caused massive amount of stress for the servers as people were coming for the event, not for the games which meant poorer store performance for everyone.