Aaand thats not happening.
It's already happening. It is not a major shift, yet. The number of new games playtime by Steam users was around 14% in 2025. I expect it will be single digits in 2026 the way things are going. Some of that is due to game length, more of it is gamers not buying the titles.
I see the death of physical media as a more significant step than the death of hardware, yet it was embraced without a fight, but a lot of hot air online.
Different dynamics. Nor will I contend all PCMR will reject a monthly fee.
A little humor about that
Cloud gaming works and its convinient.
For the filthy casuals, yes it does. They have King Kong sized hurdles to clear if they want to win over the rest of PCMR.
Latency/lag being the worst. Some of the most played games such as CS2, Fortnite, Battlefield, CoD, are unplayable in a practical sense. Few will be ponying up every month for the present experience.
Internet speeds. With Steam and other game launchers, gamers with slow internet can queue up downloads before bed, work, school, whatever. If the connection is too slow, cloud gaming is not a very viable option.
Paying at all. Millions of gamers play on potato PCs. This sounds like a point in favor of cloud gaming, but it's not. The potato costs very little, and matched their shoestring budget. A monthly fee is not affordable; it quickly surpasses what was spent on the potato. And the games they play run great on the potato. Even if they don't look great. Cloud is the mostly the opposite right now. Often look great, but play rather poorly due to lag. This is not an issue for some, but for millions that play shooters, it is a deal breaker.
Valve and Epic alone have billions wrapped up in PC gaming. I think we would see them start subsidizing the hardware, as consoles have for so long. To get you on the delivery system. The Steam Machine is not a high end system, but it will be a far better experience than cloud for CS2 and such.