In 2025, the gaming industry's revenue in Cyprus exceeded 3 billion euros
The Cyprus Game Developers Association CYGMA released a comprehensive report on the state of the country's gaming industry. It discussed the revenues of game development companies based in Cyprus, the M&A situation, and many other aspects. Below are the main points from the document.
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- Starting with the key point — revenue. According to CYGMA, Cypriot companies collectively earned €3.2 billion from games in 2025.
- The majority of this amount came from mobile games. Their revenue alone amounted to €1.8 billion last year. Notably, €1.72 billion was generated by games released before 2025, whereas new titles only accounted for €66 million. In total, 571 new mobile games were released in Cyprus over the year, with annual downloads reaching 615 million.
- Revenue from console and PC games reached €1.4 billion. It is not specified how much exactly was earned from 2025's new releases, but it is known that there were 36 of them, with annual sales amounting to 1.5 million copies.
- By the end of 2025, there were 415 gaming companies in Cyprus. This is significantly more than in previous years. For comparison, in 2019, only 169 companies were operating in the country.
- The number of gaming specialists in Cyprus also increased dramatically — from 1,438 people in 2019 to 4,320 people in 2024. Data for 2025 is not provided in the report.
- The peak growth of companies and specialists on the island occurred in 2022. That year, employment in the Cypriot gaming industry increased by 43%, and the number of studios and publishers rose by 24.3%.
- In 30% of Cypriot companies, the staff consists of a maximum of 10 employees. Meanwhile, 4% of Cypriot companies employ more than 500 people.
- 82.7% of teams focus on mobile games. Additionally, 33.4% develop PC games, 19.2% work on console games, and 11.2% create web games. Note that they may work on games for multiple platforms, so the total percentage exceeds 100.
- Between 2020 and 2025, the volume of gaming deals in Cyprus amounted to €2.76 billion. This sum covers 20 mergers and acquisitions (M&A) and one IPO. The most active buyers included GDEV and MY.GAMES.
- Over six years, Cypriot companies attracted €137 million in investments across 72 financing rounds.
As a reminder, on September 17-18, WN Media Group will hold a new session of the conference for game developers and publishers — WN Conference Cyprus’26 in Limassol. It is already known that representatives from Owlcat Games, Playrix, Supercell, Nexters, Helio Games, SayGames, and many other companies will participate. More details about the event can be found here.