TL;DR: Steam Game Recording is now available for all Steam users, offering features similar to NVIDIA's ShadowPlay and AMD's Adrenaline Software. It includes Background and On-Demand Recording modes, with innovative features like the Steam Overlay and Timeline for reviewing gameplay.
Steam Game Recording is out of Beta and available for all Steam users as part of the latest client update. It is similar in functionality to something like NVIDIA's ShadowPlay for GeForce GPU owners, AMD's Adrenaline Software, or the Xbox Game Bar.
Steam Game Recording allows you to record and share gameplay clips using NVIDIA or AMD GPU hardware encoding with Background Recording and On-Demand Recording modes. However, there's a lot more to it than that. Valve has developed some innovative features for its take on recording gameplay as it's built into Steam.
The first is the ability to bring the Steam Overlay and the new Steam Timeline to 'jump back in time' and review your recent Background Recording as if it were a sports broadcast replay. The second feature is the ability to quickly clip footage that you want to keep with a simple, lightweight interface.
You'll also be able to share and send clips to friends in chat or a post, save them as MP4s, or send them to a different device. Steam Game Recording is also 'Steam Deck Verified,' which means it's also available on the popular handheld - adding another excellent feature to the SteamOS-powered device.
In the announcement, Valve confirms that Steam Game Recording works with every game, and game developers can add game-specific enhancements to the Steam Timeline view. This will improve and enhance the presentation by adding indicators for boss battles, item unlocks, quest completion events, and differentiating between lobbies and matches for competitive titles.
The file sizes for Steam's new game capture tool are as follows: 60 minutes of 'High' quality recording will take up 5.4GB of disk space.