Cyprus: Cyprus ranks first globally per capita in the number of video game companies, industry revenue, and mobile game installations, according to the 'Cyprus Video Game Industry Report 2025', published on Tuesday by the Cyprus Game Makers Association (CYGMA).
According to Cyprus News Agency, the report records more than 400 video game companies operating in Cyprus, industry revenue of over £3.2 billion in 2025, and more than 4,300 employees. Games published by Cyprus-based companies rank third globally in mobile downloads. In a foreword to the report, Deputy Minister of Research, Innovation and Digital Policy Nicodemos Damianou describes game development as being at the forefront of the digital economy, noting that games integrate art, storytelling, engineering, and imagination. He emphasizes that the industry is crucial for Cyprus as it can create high-value employment, offer opportunities for young people, attract international talent, and generate knowledge benefiting the wider economy.
Andrey Ivashentsev, CYGMA General Manager, highlights that over 400 studios and companies linked to the industry are active in Cyprus, ranging from major international companies to independent developers and specialized businesses. He points out that the industry generates more than £3 billion in annual gross revenue, placing Cyprus among Europe's ten largest video game markets by industry revenue. With a population of about one million, Cyprus leads in the number of video game companies, industry revenue, and mobile game installations per capita compared to any other country.
The report outlines significant growth in Cyprus' video game industry between 2019 and 2024, with the number of companies increasing from 169 to 393, a 133% rise, and employment growing from 1,438 to 4,320, a 200% increase. The sector's turnover surged from £1.26 billion in 2019 to £4.35 billion in 2024, while its contribution to GDP rose from around £300 million to £1.15 billion, increasing its GDP share from 1.3% to 3.3%.
For 2025, industry revenue is estimated at more than £3.2 billion, with £1.8 billion from mobile games and £1.4 billion from PC and console games. Cyprus-based companies released 571 new mobile games in 2025, recording 615 million downloads. Cyprus ranked third globally in mobile game downloads and 11th in revenue from in-app purchases. Most revenue was generated from games released before 2025, with only about £66 million, or 4%, of mobile game revenue coming from titles released in 2025.
For PC and console games, 36 new titles were released in 2025, with around 1.5 million copies sold. Of approximately £1.4 billion in total revenue, around £200 million was recorded through Steam, while the remaining 86% came mainly through direct-to-consumer sales and other channels. The report attributes the growth of Cyprus' ecosystem to its strong export orientation, with nearly all games produced in Cyprus targeting international players. It also notes that most Cypriot studios focus on mobile games.
Despite the growth, the report identifies shortages of skilled workers and early-stage financing as key constraints. Cyprus universities produce only three to six graduates a year from specialized video game development programs, while demand is estimated at 100 to 300 entry-level hires annually. CYGMA is collaborating with Cyprus universities to introduce specialized video game development programs, which could produce an additional 45 to 85 graduates each year ready to enter the industry.