Inspired by true events from this morning
this post was submitted on 27 Sep 2024
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You're correct on the two thoughts you listed. Wishlisting also makes the game more visible before release. For example, highly wishlisted games appear in the "Popular Upcoming" section, along with some other spots. This increased visibility before launch then feeds into the two points you made. I believe games that are highly wishlisted before launch are also more likely to appear on the frontpage right after launch.