Do Steam Sales and Indie Bundles Devalue Games?

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There are certain guarantees in life. For me, one of them is that anytime a Humble Indie Bundle or a big Steam sale pops up, I'm going to spend some money. At this point it's become a reflex; I may not have time to play whatever it is I'm going to buy, but when you can get quality games for so cheap I find it hard to say no. These events may only come a few times a year, though at any given time you can head over to Steam (or GamersGate, Impulse, et al) and find any number of games heavily discounted. Roughly two dozen games are on sale on Steam right this very second, including Arcania: Gothic 4 for $4.99 (75% off), the Cities in Motion Collection for $13.99 (65% off), and Sniper Elite for $2.50 (75% off). This is great news for gamers, right? Games can be picked up for a fraction of their regular prices, developers make some money, and everyone is surely better off. Or are they?