I think it's more than just not doing yearly refreshes, it's that they don't want to do releases that are only incremental in nature, which is an extremely common behavior, especially among consoles.
It doesn't even make much sense in the PC sphere either. It's physically possible but in regards to cost and performance, there's not much to gain from a yearly upgrade cycle.
I don't think it would hurt sales, exactly, but I doubt it would be cost-effective to keep redoing them. People would still buy, but like you said, some people might wait, and that means the old ones go unsold, meaning Valve can't recoup that investment.
I mean, Valve has more money than they know what to do with, but I imagine they'd like to keep it that way.
I don't think any console that did release annually would be worth buying and I think you have a solid point.
That being said, it is slightly different insofar as console games are not implicitly available across generations. What I mean is PS4 games are playable on PS5 but WiiU aren't on Switch or what-have-you.
I think most people are crossing over PC/laptop updates with game consoles and the walls are being broken down a bit.
I think Steam doesn't want to muddy the waters with "Steam Verified" and everything just yet. They're eventually going to with an upcoming refresh of the system, but it's easier to get devs and consumers on the same page with Steam Deck verified and the software and such if they don't iterate every year.
Good. It sucks when companies make you always have to get the latest and greatest hardware if you want the new features that, it turns out, run perfectly fine on the old hardware (once someone hacks it).
Yearly refreshes make a lot more sense for phones, where the OS defines a lot more of the app lifecycle and common features, consumers might be interested in non-performance hardware upgrades like cameras, and things tend to be less spec-sensitive in the first place.
For a gaming device, giving devs an uneven foundation and users a confusing compatibility matrix would spell doom.
Edit: I should probably clarify that I wasn’t saying a yearly refresh for phones is good. Just that the context of Android+iOS is very different from the Steam Deck, and that context makes more frequent refreshes more attractive to consumers and less damaging to developers than it would be if applied to the Steam Deck also.
Edit 2: I also just realized this is not the same story as the one a day or two ago that drew a direct comparison to phones. So I guess I should’ve gone back and commented on that one instead. I just wanted to share cuz I’ve had a lot of meetings about device support and consumer upgrade habits, as a mobile dev and as a game dev, and I don’t think most people would guess quite how different those two worlds are.
Because so much of a (typical) mobile app’s behavior is delegated to first-party APIs, having a huge range of device models in the field doesn’t cause as much of a splintering problem as it would for software that defines more of its own behavior internally, like games tend to do.