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Valve Corporation, also known as Valve Software, is an American video game developer, publisher, and digital distribution company headquartered in Bellevue, Washington. It is the developer of the software distribution platform Steam and the game franchises Half-Life, Counter-Strike, Portal, Day of Defeat, Team Fortress, Left 4 Dead, and Dota. Valve was founded in 1996 by the former Microsoft employees Gabe Newell and Mike Harrington. Their debut game, the first-person shooter (FPS) Half-Life (1998), was a critical and commercial success. With its realism, scripted sequences and seamless narrative, it has had a lasting influence on the FPS genre. Harrington left in 2000. In 2003, Valve launched Steam, followed by Half-Life 2 in 2004. With advanced physics systems and an increased focus on story and characters, Half-Life 2 received critical acclaim and sold 12 million copies by 2011. In 2006, Valve released the episodic sequel Half-Life 2: Episode One, followed in 2007 by Episode Two, the multiplayer game Team Fortress 2 and the puzzle game Portal. Portal 2 was released in 2011. In 2013, Valve released the multiplayer online battle arena game Dota 2. Valve released fewer games in the 2010s and experimented with hardware and virtual reality (VR). They entered the hardware market in 2015 with the Steam Machine, a line of gaming computers, which sold poorly, and released the HTC Vive and Valve Index VR headsets. They returned to the Half-Life series in 2020 with Half-Life: Alyx, their flagship VR game. In 2022, Valve released the Steam Deck, a portable gaming system. Valve uses a flat structure, whereby employees decide what to work on themselves. They develop games through playtesting and iteration, describing game design as a kind of experimental psychology. By 2012, Valve employed around 250 people and was reportedly worth over US$3 billion. Most of Valve's revenue comes from Steam, which controlled 50 to 70% of the market for downloaded PC games in 2011 and generated an estimated $3.4 billion in 2017. History Founding and Half-Life (1996–2003) Valve was founded in 1996 by former Microsoft employees Gabe Newell and Mike Harrington. Newell had spent the prior 13 years at Microsoft developing Windows, including the Windows 95 port of Doom. Wanting to move onto a new venture using their shared wealth, Newell and Harrington founded Valve, L.L.C. in Kirkland, Washington, about five miles from the Microsoft campus in Redmond, on August 24, 1996, Newell's wedding day. In a break from industry style of the time, Newell did not want a company name that suggested "testosterone-gorged muscles and the 'extreme' of anything". Alternative names considered by Newell and Harrington include Hollow Box, Fruitfly Ensemble and Rhino Scar. Valve's first game was Half-Life, a first-person shooter (FPS) with elements of horror. The development was aided by access to the Quake engine by id Software; Valve modified this engine into their GoldSrc engine. After struggling to find a publisher, Valve eventually signed with Sierra On-Line. Half-Life was released in November 1998 and was a critical and commercial success. With its realism, scripted sequences and seamless narrative, it had a lasting influence; according to IGN in 2014, the history of the FPS genre "breaks down pretty cleanly into pre-Half-Life and post-Half-Life eras". Valve enlisted Gearbox Software to develop three expansions for Half-Life: Opposing Force (1999), Blue Shift (2001) and Decay (2001). In 1998, Valve acquired TF Software, a group that had made the popular Team Fortress mod for Quake, and remade it for GoldSrc as Team Fortress Classic in 1999. Valve released the software development kit (SDK) for the GoldSrc engine, facilitating numerous user-created mods. They acquired the developers of one popular mod, Counter-Strike, to create a standalone Counter-Strike game. Happy with Valve's success, Harrington left in 2000. Source, Steam, and Half-Life 2 (2003–2010) In 2003, Valve moved to Bellevue, Washington, and reincorporated as Valve Corporation. In 2010, the office moved to a larger location in Bellevue. In 2016, Valve signed a nine-floor lease in the Lincoln Square complex in downtown Bellevue, doubling the size of its offices. Valve began developing Half-Life 2 six months after the release of the first Half-Life, using its new in-house engine, Source. With advanced physics systems and an increased focus on story and characters, it received critical acclaim upon its release in 2004. By 2011, it had sold 12 million copies. In 2002, Valve launched Steam, a digital storefront and delivery platform. Steam initially offered only Valve games, and was mandatory to install Half-Life 2, but became a publisher of third-party games. As Valve became its own publisher via Steam, it transitioned to a flat organization; outside of executive management, Valve does not have bosses, and the company uses an open allocation system, allowing employees to move between departments at will. After having taken years to develop Half-Life 2, Valve moved to episodic development, planning to release shorter games more frequently. Half-Life 2: Episode One, the first in a planned trilogy of episodic Half-Life 2 sequels, was released in 2006. Episode Two followed in 2007, alongside the multiplayer game Team Fortress 2 and the puzzle game Portal, developed from the student project Narbacular Drop. In January 2008, Valve announced the acquisition of Turtle Rock Studios, which was renamed Valve South. Turtle Rock developed Left 4 Dead and Left 4 Dead 2 while associated with Valve. Turtle Rock Studios later spun out of Valve again in March 2010. Forbes estimated that Valve had grossed $70 million in 2005. Screen Digest analyst Ed Barton estimated Valve's 2010 revenue to be in the "high hundreds of millions of dollars". As of 2011, Valve had an estimated worth of $2 to 4 billion and employed 250 people; according to Newell, this made it more profitable per employee than Google or Apple. Most of Valve's revenue comes from Steam, which controlled 50 to 70% of the market for downloaded PC games in 2011. Transition to services (2010–2014) In 2010, Valve hired IceFrog, the developer of Defense of the Ancients, a Warcraft III mod. IceFrog led the development of a sequel not associated with the Warcraft elements, Dota 2, released in 2013. Alongside Dota 2 in 2011, Valve started The International, an annual esports tournament for Dota 2 with a prize pool supported by Valve and funds from microtransactions from battle passes purchased by players. Valve released Portal 2 in April 2011. As with the original Portal, Valve employed a Digipen student team to help develop it; the team behind Tag: The Power of Paint implemented the new gel gameplay. In December 2012, Valve acquired Star Filled Studios, a two-person studio, to open a San Francisco office. Valve ended the operation in August 2013 when they decided it had little benefit. At the 2013 D.I.C.E. Summit,.... Discover the Alissa C Grosso popular books. Find the top 100 most popular Alissa C Grosso books.