Cyprus has emerged as a major player in the global video games industry, according to the first Cyprus Video Game Industry Report 2025, which highlights the island's rapid rise as a gaming hub.
According to the report, more than 400 gaming studios and companies operating from Cyprus generate over €3 billion in annual gross revenue.
The number of gaming companies based on the island reached 415 in 2025, placing Cyprus among the 10 largest gaming countries in Europe by revenue. Games published by Cyprus-based companies rank third globally in mobile downloads.
The report was published by the Cyprus Game Makers Association (CYGMA).
Rapid growth
According to the report, Cyprus developed into a gaming-industry hub gradually during the 2010s as studios, teams and companies that began elsewhere relocated significant parts of their operations to the island.
Growth has accelerated over the past five years.
The number of gaming companies registered in Cyprus increased from 169 in 2019 to 393 in 2024, while employment in the sector more than doubled.
The number of people employed by gaming companies rose from 1,438 to 4,320 during the same period.
Between 2019 and 2024:
- Sector turnover more than tripled.
- The industry's contribution to GDP almost quadrupled.
- Contribution to GDP rose from approximately €300 million (1.3% of GDP) to €1.15 billion (3.3% of GDP).
Turnover increased from €1.26 billion in 2019 to €4.35 billion in 2024.
Industry leader by population size
CYGMA chief executive Andrey Ivashentsev said the most striking results emerge when the figures are viewed against the country's size.
"With a population of just one million people, Cyprus has more gaming companies per capita, generates more gross gaming-industry revenue per capita and produces more mobile game installs per capita than any other country."
According to Ivashentsev, Cyprus is currently the most efficient video game development country in the world based on all three metrics.
"This is not a future ambition. It is the reality of an industry that already exists here."
Talent pipeline and education
The report notes that there were 57,889 students enrolled in tertiary education in Cyprus during the 2023-24 academic year.
However, the proportion graduating from specialised video-game programmes remains relatively small.
Between 290 and 385 graduates complete such programmes annually.
The report argues that talent supply, rather than employer demand, is now the key constraint facing the industry.
It suggests Cyprus-based studios could hire several times more graduates than local universities currently produce.
New industry association
Despite the sector's success, Cyprus had until recently been the only EU member state without a dedicated national trade association for the gaming industry.
CYGMA was established to address that gap.
According to the report, the association aims to:
- Increase the visibility of the sector.
- Collect reliable industry data.
- Support local talent.
- Represent the industry in policy discussions in Cyprus and the EU.
- Connect Cyprus-based companies with partners across Europe, the Middle East, Asia and beyond.
