Cyprus ranks first in the world, per capita, in terms of the number of video game companies, industry revenue, and mobile gaming installations, according to the report “Cyprus Video Game Industry Report 2025,” published by the Cyprus Digital Games Developers Association (CYGMA) on Tuesday.
The report lists more than 400 video game companies operating in Cyprus, with revenues exceeding 3.2 billion euros in 2025 and more than 4,300 employees in the sector. At the same time, games published by Cyprus-based companies rank third globally in terms of mobile downloads.
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
In his message in the exhibition’s foreword, the Deputy Minister of Research, Innovation, and Digital Policy, Nikodimos Damianou, states that video game development is “at the forefront of the digital economy,” noting that games are one of the most creative and demanding forms of technology, where art, storytelling, engineering, and imagination converge.
“This industry is important for Cyprus. It can create high-value jobs, offer young people opportunities to build their future here, attract talent from abroad, and generate knowledge and expertise that benefit the broader economy,” says Mr. Damianou.
He adds that the sector’s growth reflects the kind of development sought for Cyprus—one that is “outward-looking, technology-driven, and grounded in creativity, skills, and innovation,” not only for Cyprus but also from Cyprus “as a technological and innovation hub for the wider region and globally.”
According to CYGMA’s General Director, Andrey Ivashentsev, more than 400 studios and industry-related companies are now active on the island, ranging from large international corporations to independent creators and specialized firms.
“The figures presented in this report demonstrate Cyprus’s exceptional position in the global gaming industry,” he says. As he notes, these companies generate more than 3 billion euros in annual gross revenue, making Cyprus one of the top ten countries in Europe in terms of video game industry revenue.
Mr. Ivashentsev points out that, with a population of about one million, Cyprus has more video game companies per capita, generates more gross revenue from the industry per capita, and has more mobile game installations per capita than any other country.
“This isn’t a future goal. It’s the reality of the industry that already exists here,” he says.
The Growth of the Industry in Cyprus
The report documents significant growth in the Cypriot video game industry between 2019 and 2024. The number of companies rose from 169 to 393, an increase of 133%, while the number of employees rose from 1,438 to 4,320, marking a 200% increase.
The largest annual growth was recorded in 2022, when the number of employees increased by 43% and the number of companies by 24.3%. In 2024, the number of companies increased by 8.3% and employment by 6%.
The revenue of game development and publishing companies rose from 1.26 billion euros in 2019 to 4.35 billion euros in 2024, while their contribution to GDP rose from approximately 300 million euros to 1.15 billion euros. As a result, the sector’s share of GDP rose from 1.3% in 2019 to 3.3% in 2024.
The report clarifies that the employment figures refer to workers who are employed and pay taxes in Cyprus, while the data on the number of companies were derived from a survey cross-referenced with the Registrar of Companies’ registry.
For 2025, the report estimates the video game industry’s revenue at more than 3.2 billion euros, of which approximately 1.8 billion will come from mobile games and approximately 1.4 billion from PC and console games.
In the mobile gaming sector, Cyprus-based companies released 571 new games in 2025, which recorded a total of 615 million downloads. Cyprus ranks third globally in terms of mobile game downloads and eleventh in terms of revenue from in-app purchases.
The report notes that the vast majority of revenue comes from games released before 2025. Of the approximately 1.8 billion euros in revenue from mobile games, only about 66 million euros—or 4%—came from titles released in 2025.
In the PC and console games segment, 36 new titles were released in 2025, and approximately 1.5 million copies were sold. Of the total revenue of approximately 1.4 billion euros, approximately 200 million were generated through the Steam platform, while the remaining 86% came mainly from direct sales to consumers and other channels.
The report attributes the growth of the Cypriot ecosystem, among other factors, to the industry’s strongly export-oriented nature, as nearly everything produced in Cyprus is aimed at players outside the island. At the same time, it notes that the majority of Cypriot studios focus on mobile games.
Despite this growth, the report identifies limitations, primarily regarding the available workforce and early-stage funding. According to the report, Cypriot universities produce only three to six graduates per year from specialized video game development programs, while demand is estimated at 100 to 300 entry-level hires.
CYGMA also reports that it is collaborating with Cypriot universities to introduce specializations in video game development, which, according to the report’s estimates, could add 45 to 85 graduates per year who are ready to join the industry.
Source: KYPE
