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They waited too long in general and now they're going to release a VR title with limited market exposure.

It's crazy to think there's probably a large chunk of Steam's user-base who weren't even alive when Half Life 2 was released. They dropped the ball and the industry has continued to move on establishing new, well-known IPs; for me, this is too little too late.

Fortunately for Valve, they really don't need to ever rely on their IP again to make money, so they can pretty much do whatever they want and if a game has poor sales, no big deal for them...