Nothing of this is "new competition" though, and the threat from console gaming was arguably much bigger in the past, yet so far Steam has weathered all storms

Nothing of this is "new competition" though, and the threat from console gaming was arguably much bigger in the past, yet so far Steam has weathered all storms pretty well. There are now more ports from Xbox and PS to PC than ever before that would have been exclusives in the past (e.g. Sony 1st party titles like God of War, ten years ago something like this would "hell freezing over territory").