Cyprus ranks first worldwide for video game firms per capita, report finds

Local statisticsTop Newsvideo games Cyprus ranks first worldwide for video game firms per capita, report finds Video Relevant News How Cyprus fared at the 2026 European Athletics Championships 18 August 2026 Cyprus ranks first worldwide for video game firms per capita, report finds 18 August 2026 Cyprus, Greek banks shift focus from rates to growth after strong H1 18 August 2026 newsroom 18 August 2026 FacebookXWhatsAppEmailPrintViber Cyprus ranks first in the world, relative to population, for the number of video game companies, industry revenue and mobile game installs, according to the “Cyprus Video Game Industry Report 2025.” The report, published on Tuesday by the Cyprus Game Makers Association (CYGMA), records more than 400 companies, revenue of over €3.2 billion for 2025, and more than 4,300 employees. Games published by Cyprus-based companies also rank third in the world for mobile downloads. ‘A high-value sector for Cyprus’ In the report’s foreword, Deputy Minister of Research, Innovation and Digital Policy Nicodemos Damianou describes video game development as a sector at “the cutting edge of the digital economy.” Digital games are among the most creative and demanding forms of technology, he writes, combining art, storytelling, engineering and imagination. Damianou said the sector matters for Cyprus. It can create high-value jobs, he said, offering young people the chance to build their future at home, attract talent from abroad, and generate knowledge that benefits the wider economy. According to Damianou, the industry’s trajectory reflects the growth model Cyprus is pursuing: outward-looking, technology-driven and built on creativity, skills and innovation. The goal, he added, is for the country to strengthen its position as a technology and innovation hub for the wider region and international market. Employment nearly tripled Cyprus’s video game industry recorded strong growth between 2019 and 2024. The number of companies rose from 169 to 393, an increase of 133%, while employees rose from 1,438 to 4,320, an increase of 200%. The strongest annual growth came in 2022, when employment rose 43% and the number of companies rose 24.3%. In 2024, the equivalent increases were 6% and 8.3%. Turnover for game development and publishing companies rose from €1.26 billion in 2019 to €4.35 billion in 2024. Over the same period, the sector’s contribution to GDP rose from about €300 million to €1.15 billion, lifting its share of Cyprus’s GDP from 1.3% in 2019 to 3.3% in 2024. The report notes that employment figures relate to workers who are employed and taxed in Cyprus. The number of companies was drawn from a dedicated count, cross-checked against the Registrar of Companies. Among Europe’s top ten CYGMA General Director Andrey Ivashentsev said more than 400 studios and ecosystem businesses now operate on the island, ranging from large international companies to independent creators and specialist service providers. These companies generate more than €3 billion in annual gross revenue, he said, placing Cyprus among Europe’s ten largest markets in the sector by revenue. With a population of around one million, Cyprus has more video game companies, higher gross revenue and more mobile game installs per capita than any other country, according to the report. “This isn’t a future goal,” Ivashentsev said. “It’s the reality of the industry that already exists here.” Mobile games dominate For 2025, industry revenue is estimated at more than €3.2 billion, of which about €1.8 billion came from mobile games and €1.4 billion from PC and console titles. Cyprus-based companies released 571 new mobile games, which together attracted 615 million downloads. The country ranks third in the world for mobile game downloads and eleventh for in-app purchase revenue. The vast majority of revenue came from older titles. Of the roughly €1.8 billion generated by mobile games, just €66 million, or 4%, was linked to titles released in 2025 itself. In the PC and console category, 36 new titles were released and about 1.5 million copies were sold. Of the total €1.4 billion in revenue, about €200 million was recorded through the Steam platform, with the remaining 86% coming mainly from direct sales and other distribution channels. Export focus and staff shortages The report attributes the ecosystem’s growth to its strongly export-oriented character, since almost all games produced in Cyprus target users abroad. Most Cypriot studios focus on the mobile games market. Despite the sector’s strong growth, it faces constraints in the availability of specialised staff and in financing for early-stage businesses. Cypriot universities currently produce just three to six graduates a year from specialised video game development programmes, while demand is estimated at 100 to 300 new entry-level hires. CYGMA is working with universities to introduce new specialisations in digital game development. According to the report’s estimates, these programmes could add 45 to 85 trained graduates a year to the labour market. Key findings for Cyprus: More than 400 video game companies operate in Cyprus: 431 were identified, of which 415 were verified through the Registrar of Companies. Revenue of over €3.2 billion in 2025, of which €1.8 billion came from mobile games and €1.4 billion from PC and console games. First in the world per capita for the number of video game companies, video game revenue and mobile game installs. Acquisitions with a total disclosed value of €2.76 billion since 2020, including the sale of Easybrain to Miniclip for €1.06 billion in 2025, a deal representing 4.4% of disclosed mergers and acquisitions worth over $10 million in the global video game industry. 86% of PC and console game revenue comes from sales outside Steam, reflecting direct-to-consumer sales expertise developed more than a decade before that model became widely established. 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