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Valve rumored to be working on Android emulator for Steam
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Valve makes infinitely more money off of store fees selling other people's games. Why would they want to make a fraction developing a single game when they can go after Android's 30% cut?
...So they have no issue burning a few million on HL3 knowing its a sunk cost to maybe keep some of the talent that has been leaving the company?
The thing is, Valve works mostly as a collective with mostly flat structure. So there can't be a higher up ordering people around to make HL3. The whole team needs to believe in it.