How rare is a 100,000-wishlist indie launch on Steam?
I came acros some posts like this by
@RegisKillbin and wanted to make a quick research on the issue. Here's what the actual data shows.
Roughly 150-300 Steam launches per year clear 100k wishlists at release, out of ~20k games shipped annually. That's the top 1-2% of all Steam releases, and most of that 1-2% is AAA, AA, or publisher-backed indie.
SELF-PUBLISHED, FIRST-COMMERICIAL-RELEASE INDIE WITH 100k WL AT LAUNCH?? FEWER THAN 20 WORLDWIDE PER YEAR.
What 100k WL at launch actually buys you, per GameDiscoverCo and How To Market A Game benchmarks:
#1: 15-17k copies in week 1 at median conversion (Carless cohort data, ~0.15× WL → week-1 sales)
#2: ~25k copies lifetime at Zukowski's median (25% WL → lifetime conversion at this tier)
#3: $500k-$2M lifetime revenue at indie premium pricing ($15-25)
That puts a 100k-WL launch right at the Gold/Diamond border in Zukowski's revenue tiers. What 100k-WL indies have in common, from the per-Next-Fest recaps and Top-50 cohort data: almost always two or more of
(a) publisher backing on visibility,
(b) a demo that did real work over multiple Next Fests,
(c) a genre streamers actually play (co-op, horror, cozy, deckbuilder, sim),
(d) founder pedigree or a hook the press picks up.
A few concrete 2024-2025 examples:
Tiny Glade (Pounce Light, 2-person self-pub): 1.38M WL → 600k copies first month. Founders came from SEED/Embark.
Manor Lords (Slavic Magic Hooded Horse): 2.5M WL → 2M copies launch window. Publisher.
Dispatch (AdHoc, ex-Telltale): 500k WL → $74M lifetime. Veteran founders.
Urban Jungle (Kylyk Games): 50k WL self-published, 40k after signing Assemble Entertainment. The publisher signing was what got them near the threshold.
Balatro (LocalThunk Playstack): 208k WL → 5M copies. Extreme outlier, Playstack-backed.
The 100k-WL-at-launch path for an unproven studio without a publisher is rare enough to be the exception, not the playbook. Even Tiny Glade had founder pedigree. Even Manor Lords took a publisher. Even Balatro was Playstack-backed.
The realistic working benchmark for most self-published first-time indies isn't 100k. It's 30-60k WL at
launch, converting to ~$200k-$800k lifetime. That's a
respectable solid indie outcome, and it's the tier most projects should actually plan around.
Sources:
GameDiscoverCo (
newsletter.gamediscover.co),
HTMAG benchmarks (
howtomarketagame.com/benchma…),
Alinea Analytics 2025 Year in Review.
#IndieDev #GameDev #SteamMarketing #IndieGames
Steam just made a change that's really gonna hurt future indie games.
The Popular Upcoming page used to list games chronologically by release time. As long as you had enough wishlists to make the cut (~6k to 7k), you'd get some time at the top of the list for people to discover your game.
Now it's listed algorithmically, with far more large games from major companies and publishers on the list, even those releasing two weeks away. The lowest wishlist count on there right now is 80k, when before it would've been 10 indie games as low as 6k wishlists.
Feeling very lucky our game's early access release barely made it out before this changed. It was worth probably 1k wishlists for us, and we had some really unfortunate timing/positioning too. It can be worth thousands of wishlists and sales for smaller games.
Steam is more heavily prioritizing larger games, with the budget and time to grow to enormous wishlist totals, or the rare indie viral hit.
The small to mid-sized games just lost a way to find players. Steam players lost a tool to discover cool smaller games.