Steam wishlists are a communication channel with limits

A Steam wishlist records interest and can connect a later release or qualifying discount to a notification. It does not represent a purchase commitment.

Valve's documentation explains that players can wishlist a game once its store page is publicly visible. Notification delivery depends on the event, account settings and cooldowns. Users notified about an application within the previous two weeks generally will not receive another message during that period.

Demo notifications have a specific workflow: developers can trigger one after the associated demo becomes playable, within the documented two-week window. That is different from assuming every store-page change sends an email.

For a launch plan, treat the wishlist as one observable stage between awareness and buying. Keep the timing of the demo, release and discounts visible on the same calendar so notification limits do not become a surprise.

There is no universal conversion rate established by this documentation. Evaluate the audience's response to the actual game and campaign rather than translating a wishlist total directly into guaranteed revenue.