So more-efficient competitors emerged against the supermajority market leader and didn’t impact that company’s market share.
Hmm.
Thats not what they said, “More efficient” didn’t happen.
Just either a wildly more toxic environment with Epic, or a cheaper but much less user friendly one with GOG.
Steam didn’t need to change because neither of the competition understand the market.
Steam didn’t need to change because none of their competitors challenge their de facto monopoly. Reasons do not change how it is plainly a monopoly. They have a supermajority market share, and people glibly admit, they don’t even consider buying games except on Steam.
You said
more efficient competitors
But now you are saying that they didn’t challenge the monopoly? If they dont even challenge then how are they competition?
Steam let’s me buy games and play them. The interface with Big Picture Mode let’s me interact with the store.
The issue I see is that no one is competing on PC with Steam because they keep trying to tie themselves with the fucking trainwreck that’s Windows.
They keep trying to tie themselves with shitty desktop launchers.
They keep trying to tie themselves with toxic customer service.
There is competition, but it’s with Sony, Microsoft and their consoles.