Newsroom
Cyprus has long been known for tourism, shipping and financial services. Video games rarely make the list.
Yet an island of about 1 million people is now home to an estimated 415 video game companies, according to the first comprehensive attempt to measure an industry that appears to have been quietly growing under everyone’s noses.
The Cyprus Video Game Industry Report 2025 published by the Cyprus Game Makers Association, or CYGMA, estimates that Cyprus-based companies generated more than €3.2 billion in gaming revenue last year.
That places the country among Europe’s 10 largest video game markets by revenue, and at the top of the world rankings when the figures are adjusted for population.
In simple terms, Cyprus reportedly has more game companies, gaming revenue and mobile-game downloads per resident than any other country.
The island also ranks third worldwide in total mobile-game downloads, behind only China and Vietnam and ahead of the United States. Cyprus-based publishers released 571 new mobile titles in 2025, generating around 615 million downloads.
And before anyone pictures online casinos, the report is referring specifically to video game development. Cyprus’ large online betting and casino industry, commonly known as iGaming, is not included in the figures.
From 169 companies to more than 400
Part of the reason the industry has escaped public attention is the speed at which it grew.
The number of game companies registered in Cyprus rose from 169 in 2019 to 393 in 2024, an increase of 133% in five years. The latest count places the total at 415.
Employment also tripled over that period, rising from 1,438 people to more than 4,300. According to the report, the industry contributed around €1.15 billion in added value to the economy, equal to approximately 3.3% of national GDP.
Many of these are not giant companies with office towers and enormous local workforces. Nearly three-quarters employ fewer than 50 people, while more than 80% develop games for mobile phones.
But their reach is anything but small.
Cyprus-based studios are behind games played or downloaded by hundreds of millions of people. Cubic Games created Pixel Gun 3D, which has attracted more than 300 million players. Ducky’s Melon Sandbox has recorded over 150 million installations, while Nicosia-headquartered Wargaming’s titles include the global hits World of Tanks and World of Warships.
Other companies work behind the scenes as publishers, investors or technology providers, helping games find audiences, raise money or add online multiplayer features.
Why did nobody notice?
Until December 2025, Cyprus was reportedly the only EU country without a national trade association representing its video game industry.
The information existed across company registries, app stores, investment records and employment databases, but no one had gathered it into a single picture. As a result, one of the island’s fastest-growing industries remained largely invisible to policymakers, universities and even the wider business community.
CYGMA’s figures are informed estimates based on open data rather than audited company accounts. The report’s methodology was reviewed by games-market research company Alinea Analytics, and its authors acknowledge the limitations of measuring sales made across global digital platforms.
Nevertheless, the broad picture is difficult to ignore: Cyprus is not merely a convenient address for a handful of international gaming companies. It has developed into a sizeable industry with thousands of employees and products reaching players around the world.
The next challenge is whether the country can train enough people to work in it. Despite having more than 400 companies, Cyprus still has no dedicated university degree in game development, and the report estimates that local studios can recruit only 10 to 40 suitable graduates each year.
So, yes, Cyprus has quietly become a video game powerhouse.
The gamers apparently knew. The rest of us are only just catching up.
