Gabe Newell of Valve announced that last weekend's 1/2 price Left 4 Dead promotion resulted in a 3000% sales increase in sales of the game.
He also shed a little light on their holiday sales, giving breakdowns by price reduction:
10% sale = 35% increase in sales (real dollars, not units shipped)
25% sale = 245% increase in sales
50% sale = 320% increase in sales
75% sale = 1470% increase in sales
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