Cyprus enters Europe’s top ten gaming markets

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Cyprus ranks among the ten largest countries in Europe by gaming industry revenue. According to the first Cyprus Video Game Industry Report 2025, more than 400 gaming companies and studios operate on the island, with combined annual revenue exceeding €3 billion.

In 2025, the number of gaming companies registered in Cyprus reached 415. Games released by companies from the island rank third worldwide by the number of mobile downloads.

The report was prepared by the Cyprus Game Developers Association (CYGMA). The organisation notes that the gaming industry began developing actively on the island back in the 2010s, with particularly notable growth observed over the past five years.

Between 2019 and 2024, the number of gaming companies increased from 169 to 393, while employment in the industry grew from 1,438 to 4,320 people.

Over the same period, gaming industry turnover more than tripled, rising from €1.26 billion to €4.35 billion. Its contribution to Cyprus’s GDP increased almost fourfold, from approximately €300 million, or 1.3% of GDP, to €1.15 billion, or 3.3% of GDP.

CYGMA CEO Andrey Ivaschentsev noted that these figures are particularly impressive given the size of the island. According to him, with a population of around 1 million people, Cyprus ranks first in the world in terms of the number of gaming companies, gaming industry revenue and mobile game installations per capita.

CYGMA was established to develop the industry, collect reliable statistics, support local professionals and represent the interests of the gaming industry at the level of Cyprus and the European Union.