Cyprus has emerged as a globally competitive gaming hub, consistently ranking among the top markets worldwide. In 2025, it ranked #11 in the world by game revenue and an impressive #3 globally by downloads, placing it among the top 15 gaming markets worldwide.
This success is largely driven by internationally operating companies based on the island. Industry leaders such as MY.GAMES, GDEV, and Scorewarrior generate significant revenue from global audiences, making Cyprus not just a local market, but a true international gaming hub.
The growth story is still ongoing. The gaming sector in Cyprus continues to expand, although growth rates have recently slowed down in line with global trends. Despite this, experts expect growth to accelerate again in the coming years, signaling strong long-term potential.
Globally, the gaming industry is evolving rapidly — and Cyprus is part of this transformation. In mobile gaming, which remains the largest segment, companies are shifting focus from acquiring new users to retaining existing ones. This is reflected in the fact that top games now run an average of 89 live events per month, keeping players engaged over time.
At the same time, competition is intensifying. Companies from Asia are becoming increasingly dominant, accounting for 35% of global user acquisition spending, with their investments growing by 22% year-over-year. In fact, 9 out of the top 15 highest-grossing mobile game companies worldwide are now from Asia.
The PC and console segment is also changing. Independent developers are gaining ground, with indie games now generating over 25% of total revenue on Steam, and the segment growing at an average rate of 13% annually over the past five years.
However, the industry is not without challenges. Investment in early-stage gaming companies has dropped to a five-year low, while layoffs continue globally, with 72.5% of all job cuts occurring in the United States.
Despite these pressures, Cyprus remains well positioned. Its strong global rankings, concentration of major publishers, and international focus allow it to stay competitive in a rapidly changing market.
As the global gaming industry enters a new phase, Cyprus continues to strengthen its position as a growing international hub. This momentum is further supported by the recent launch of CYGMA, the Cyprus Game Developers Association, which brings together leading companies to drive collaboration, support industry growth, and increase the global visibility of Cyprus-based studios.
Together, strong market performance, globally successful companies, and a more structured ecosystem position Cyprus for continued growth — reinforcing its role as an increasingly important player in the global gaming industry.
*Dmitriy Byshonkov, CBDO at MY.GAMES
