TwisterBE: You never 'own' a game. Not even when you buy it retail. It's ALWAYS a license
That is true. However, when you buy a game on a DVD or BluRay, the law permits you to resell that disc (as you own the disc itself). The licensor cannot prevent you from that other than by incorporating technical protection measures which you are not allowed to circumvent. If GOG would provide their games on a disc, you could sell those to whomever you want. That comes very close to ownership I would say. In Europe, the European Court of Justice expanded that idea to downloaded games too, so we might see some development in that area in the future.
Minamir: If I recall correctly, Steam introduced these "subscriptions" shortly after Europen Union Court stated that one should be able to resell digital copies of software. And it would hurt Valve badly, so they introduced all that lifetime renting.
I am not sure, but it seems plausible. However, it was anticipated that game sellers like Steam would make an attempt to get around the judgment. As far as I can remember, the Court of Justice explicitly held that it doesn’t matter how the game seller calls it, whether subscription or ‘lifetime rental’. It’s business hasn’t substantially changed. I’m confident, the court will take care of that soon enough.
OldFatGuy: You own the license, which gives you a right to use the software.
Renting a license is still different from owning a license. Renting a license to use software makes it plain there is a limited time period. Owning a license implies an unlimited time period. It also implies the right to transfer and/or sell said license and that's where Steam and other digital retailers really muddy the waters.
That’s just semantics. For the law, both are mere contracts in which you are the licensee. If that contract says that you cannot transfer the licence to another person, then that’s how it is. The same would be true if you buy a DVD or BluRay. The difference is that the law recognises and values your ownership of the disc more than the licensee’s copyright, which is why the first-sale doctrine allows you to resell your disc to whomever you want, even if the licence forbids it. With games downloaded on Steam or GOG, that rule doesn’t apply yet. It’s undeveloped law at this point, even in Europe where there is now some precedent that you should be able to resell downloaded games too.