Steam hit an all-time record of 38.3 million PC players online. PC gaming has been growing steadily in recent years, with Steam hitting an all-time peak of 32 million in January 2023...

Virtually all of Steams growth in the last year or so has been from China. Even though it's not got a license to operate there. So if/when their government stop turning a blind eye to it they will suffer a massive drop in users.