Is Free-to-Play Dead on Steam?

I've seen a few recent posts proclaiming the "death of Free-to-Play" on Steam.

Meanwhile, I've for years wondered whether F2P (our bread and butter) would ever gain real traction there.

So we dug into 10 years of Steam launch + revenue data to see how F2P is actually doing.

F2P is rare on Steam—about 9% of yearly launches.
That rate has barely moved since 2015.
So, Steam hasn't shifted meaningfully toward or away from F2P. % Launches, rev have been flat for a decade.
F2P accounts for 9% of launches but ~30% of annual revenue, while the overall pie keeps growing.
Every top-performing F2P title since 2015 comes from AA/AAA publishers. Indies (wisely) avoid F2P on Steam.
The median successful Steam F2P title is a different species than mobile—CORE, skill-driven, PvP-forward, monetized mostly by cosmetics plus light progression boosts that flirt with P2W without crossing the line.
Huge CCUs are necessary for this gambit to pay off.
UA dynamics aside, in terms of cost and scope, F2P success looks harder on Steam than on Mobile.
Given that, I'm quite curious to compare success rates, a topic for another post.

What do you think? Is F2P still viable on Steam?

(Steam Data from Gamalytic)