As a developer, next time you request Steam keys for your game, remember that Valve is checking in on whether or not you really need those keys.
A recent comment from Valve engineer Sean Jenkin has placed a spotlight on an internal measure that dictates whether Valve grants or denies developer requests for Steam keys. The comment also exhibits how, to some extent, Valve is paying attention to the third-party bundle and key-reselling markets.
“If we are denying keys for normal size batches it’s likely because your Steam sales don’t reflect a need for as many keys as you’re distributing,” said Jenkin in the private Steamworks developer portal.
“You’re probably asking for more keys because you’re offering cheaper options off Steam and yet we are bearing the costs,” he said. “So at some point we start deciding that the value you’re bringing Steam isn’t worth the cost to us.”
He added that if there is a substantial disparity between the amount of games you’ve sold on Steam, and the of number keys you’ve requested and activated, Valve is “going to take a deeper look at your games, your sales, your costs, etc.”
While Jenkin’s comment is noteworthy, he doesn’t discern if this is a recent change, a longstanding but previously unspoken rule, or a specific change in Steam developer policy. Valve has reportedly been turning down large-quantity key requests prior to Jenkin’s remark, so this may be an older but lesser-known tack.
It’s also unclear if such a move is specifically to edge-out or combat game sales that are made outside of Steam, but it’s easy to speculate.
“Some folks are speculating that Valve will be trying to cut other stores out of Steam keys entirely and I sincerely doubt that,” opined Lars Doucet, a game developer who pays close attention to the business of Steam.
We’ve reached out to Valve for further comment and clarification on Jenkin’s post and will update this article following a response.

Update: A Valve representative gave the following response to Gamasutra: