Cyprus enters Europe’s top 10 video game industries by revenue

Nicosia, Cyprus. Cyprus has entered Europe’s 10 largest video game industries by revenue, with more than 400 companies generating an estimated €3.2 billion from games in 2025. The figures were presented in the first industry report by the Cyprus Game Makers Association (CYGMA).

Industry findings

The report found that 415 game studios and related companies operated from Cyprus in 2025. Their mobile titles recorded about 615 million downloads, placing Cyprus third worldwide behind China and Vietnam and ahead of the United States.

Cyprus-based publishers released 571 new mobile games during the year. The mobile segment generated an estimated €1.8 billion, while 36 PC and console titles sold about 1.5 million copies and generated an estimated €1.4 billion.

Revenue from established titles

Most mobile revenue came from games already available on the market. Titles launched in 2025 generated about €66 million, or 4 per cent, of mobile revenue, while older games accounted for the remaining €1.72 billion.

The figures cover companies based in Cyprus and do not refer exclusively to games created by Cypriot founders.

Companies and titles

The sector includes international publishers and studios that have relocated their headquarters or substantial operations to Cyprus, including Wargaming, Outfit7, Nexters, Playrix and MY.GAMES.

Games linked to Cyprus include Wargaming’s World of Tanks, Outfit7’s My Talking Tom, Nexters’ Hero Wars, MY.GAMES’ War Robots and Gaijin Entertainment’s War Thunder.

Growth of the sector

A separate analysis in 2024 found that seven of the world’s 100 largest mobile publishers by downloads were headquartered in Cyprus. Only the United States and China had more, while four Cyprus-based publishers ranked among the top 100 by in-app purchase revenue.

The number of registered gaming companies rose from 169 in 2019 to 393 in 2024, while employment increased from 1,438 to 4,320 people.

Aggregate company turnover increased from €1.26 billion to €4.35 billion over the same period. The sector’s contribution to the economy rose from about €300 million, or 1.3 per cent of GDP, to €1.15 billion, or 3.3 per cent.