Middle-earth: Shadow of War Steam key art
Middle-earth: Shadow of War cover art

Steam revenue analysis

Middle-earth: Shadow of War Steam Revenue & Sales Estimates

Monolith Productions · WB Games

$126MEst. Gross Revenue

2,680,450 estimated sales, 89% positive reviews, and $97,763,476.40 potentially retained by the developer after Steam's platform fees.

Action89% Positive$49.99

Revenue Overview

$126M

Gross Revenue

$97.8M

Developer Revenue

2,680,450

Est. Copies Sold

$126M

Revenue / Year (avg. 1 yr)

$100.8MLow estimate
$126MBest estimate
$302.3MHigh estimate

How the revenue splits

Gross Revenue
$125,954,346
− Steam Platform Fee(22.4%)
−$28,190,869
Developer Revenue
$97,763,476

Developer vs. Steam

Developer: 77.6%($97,763,476)Steam: 22.4%($28,190,869)

Tiered Fee Structure

Tier 1 ($0–$10M) (30%)$3,000,000
Tier 2 ($10M–$50M) (25%)$10,000,000
Tier 3 ($50M+) (20%)$15,190,869

More context in the Steam game revenue hub or in the Steam revenue calculator.

How we estimate this

89%positive
107,218Total Reviews
95,424positive (89%)
11,794negative (11%)

Step by step

  1. 1

    Capture Steam review volume as the primary demand signal

    107,218 reviews and a 89% positive rating are used as the starting point because Steam review counts correlate strongly with paid ownership.

  2. 2

    Apply a calibrated Boxleiter multiplier

    For Middle-earth: Shadow of War, we use a midpoint multiplier of ×25 and show a wider range from ×20 to ×60 to reflect uncertainty.

  3. 3

    Use a realistic realized sale price instead of only list price

    Rather than relying only on the current price of $50, we estimate a realized average sale price of $47 to account for discounting over time.

  4. 4

    Translate gross revenue into developer revenue

    We then apply Steam's effective fee rate of 22.4%. That turns an estimated $125,954,346 in gross revenue into roughly $97,763,476 retained by the developer.

Calibrated inputs for this game

Avg. sale price

$46.99

List price $49.99

Boxleiter multiplier

×25

Range ×20–×60

Effective Steam fee

22.4%

Tiered 30 / 25 / 20%

Revenue estimates for Middle-earth: Shadow of War use the Boxleiter method with a broad range from x20 to x60. For the best estimate we use a calibrated midpoint of x25 and a calibrated average sale price of $47 instead of a flat 30x/0.75 model. Factors like age, price tier, discount history, genre, and review profile all affect the true reviews-to-sales ratio.

Platform Comparison

Hypothetical: What would the developer earn at the same gross revenue?

Steam

Gross revenue baseline: $125,954,346

To developer

$97,763,476

To developer: 77.6%

$97,763,476

Platform fee: 22.4%

$28,190,869

Epic Games Store

Gross revenue baseline: $125,954,346

To developer

$110,959,824

To developer: 88.1%

$110,959,824

Platform fee: 11.9%

$14,994,521

Epic: 0% on the first $1M in annual per-app revenue, then 12%. Effective here: 11.9%.

GOG

Gross revenue baseline: $125,954,346

To developer

$88,168,042

To developer: 70.0%

$88,168,042

Platform fee: 30.0%

$37,786,304

* Actual sales on Epic and GOG are not estimated. Steam's larger user base typically drives substantially higher sales volumes.

Genre Market Position

Top 3% by revenue in Action
3%

Top 3% of Action games

by estimated revenue

0%◆ Median100%

2,141

Top Games Tracked

$6M

Median (tracked top games)

$20.8M

Mean (tracked top games)

Middle-earth: Shadow of War ranks in the top 3% of 2141 tracked action top-sellers, with estimated revenue 21× this group's median.

Baseline: HelpfulCalculator's curated set of top-grossing Steam games, not the entire Steam catalog. Niche genres may have small samples.

Playtime & Engagement

31.7h avg17.9h median

31.7h

Average Playtime

17.9h

Median Playtime

7h

Recent Activity (2 Weeks)

Middle-earth: Shadow of War keeps players engaged for an average of 31.7 hours – solid engagement for a action game.

Current Activity22% still active

Game Details

Dataset updated: April 18, 2026

DeveloperMonolith Productions
PublisherWB Games
Release Date—
Years on Market1 year
Current Price$49.99
Calibrated Avg. Selling Price$46.99
GenreAction
Peak Players1,405
SteamSpy Owners2,000,000 .. 5,000,000
SteamView on Store

Features

Single-playerSteam AchievementsFull controller supportSteam Trading CardsIn-App PurchasesSteam CloudFamily Sharing

More by Monolith Productions

Related Games

Want to estimate revenue for a different game?

Try our interactive Steam Revenue Calculator for custom scenarios.

Open Steam Revenue Calculator →

Frequently Asked Questions

How much has Middle-earth: Shadow of War earned on Steam?

Based on our analysis using the Boxleiter method, we estimate Middle-earth: Shadow of War's total gross revenue on Steam at approximately $125,954,346.

This estimate comes with a confidence range:

  • Conservative estimate (x20): $100,763,476
  • Calibrated midpoint (x25): $125,954,346
  • Optimistic estimate (x60): $302,290,429

The actual revenue may vary due to regional pricing, seasonal discounts, and refund rates.

How many copies has Middle-earth: Shadow of War sold on Steam?

With 107,218 Steam reviews and a 89% positive rating, we estimate Middle-earth: Shadow of War has sold between 2,144,360 and 6,433,080 copies, with a best estimate of 2,680,450.

This is based on the Boxleiter method, which uses the observation that roughly 1 in every 20 to 60 buyers leaves a Steam review. For the midpoint we do not assume a universal 30x value; we use a calibrated multiplier of x25 that adjusts for the title's age, price tier, genre, and review profile.

How much does Monolith Productions earn from Middle-earth: Shadow of War?

After Steam's tiered platform fee of effectively 22.4%, Monolith Productions keeps an estimated $97,763,476 from Middle-earth: Shadow of War's gross revenue of $125,954,346.

Here's the breakdown:

  • Gross Revenue: $125,954,346
  • Steam's Fee (22.4%): -$28,190,869
  • Developer Revenue: $97,763,476

Note: This doesn't account for publisher shares, taxes, or development costs.

What percentage does Steam take from Middle-earth: Shadow of War?

Steam uses a tiered revenue sharing model that reduces the platform's cut as a game earns more:

  • First $10 million: 30% to Steam, 70% to developer
  • $10M to $50M: 25% to Steam, 75% to developer
  • Above $50M: 20% to Steam, 80% to developer

For Middle-earth: Shadow of War, with an estimated gross revenue of $125,954,346, this results in an effective rate of 22.4%. Steam keeps approximately $28,190,869 and Monolith Productions receives $97,763,476.

How accurate are these revenue estimates for Middle-earth: Shadow of War?

These estimates use the Boxleiter method, a widely-used industry approach that estimates game sales from the number of Steam reviews.

Factors that affect accuracy:

  • Review-to-purchase ratio varies by genre
  • Discount history - games with frequent deep sales may have higher ratios
  • Regional pricing - different prices in different markets are not captured
  • Refunds - Steam's return policy means some counted sales were refunded
  • Bundled sales - keys sold through third-party bundles may not generate reviews

We provide a confidence range ($100,763,476 to $302,290,429) to reflect this uncertainty. For the best estimate we combine the Boxleiter range with a calibrated midpoint (x25) and a calibrated ASP of $47.

What would Middle-earth: Shadow of War earn on Epic Games Store instead?

If Middle-earth: Shadow of War generated the same gross revenue on the Epic Games Store, Monolith Productions would keep approximately $110,959,824 - that's $13,196,348 more than on Steam.

At this revenue level, Epic's concrete platform fee would be $14,994,521. Epic charges 0% on the first $1 million in annual per-app revenue and then 12% on the remaining amount. On GOG (30% cut), the developer would earn approximately $88,168,042.

Note: This is a hypothetical comparison. Actual sales volumes differ significantly between platforms, and Steam's larger user base typically drives substantially higher sales.

How long do players spend in Middle-earth: Shadow of War?

According to SteamSpy data, players spend an average of 31.7 hours in Middle-earth: Shadow of War, with a median playtime of 17.9 hours. This indicates solid player engagement.