Video Games - Cyprus

Cyprus

The Video Games market in Cyprus is expected to experience significant growth in the coming years.
According to projections, the market's revenue is set to reach US$32.09m in 2024.
This growth is further expected to continue at an annual rate of 7.74% (CAGR 2024-2027), resulting in a projected market volume of US$40.13m by 2027.
Furthermore, the number of users in the Video Games market is expected to increase to 138.0k users by 2027.
This indicates a steady rise in user penetration, which is anticipated to reach 11.0% by 2027, up from 10.1% in 2024.
Among the various segments within the Video Games market, Mobile Games hold the largest share, with a market volume of US$10.27m in 2024.
This signifies the popularity and widespread adoption of mobile gaming in Cyprus.
It is worth noting that in a global comparison, China is expected to generate the highest revenue in the Video Games market, amounting to US$94,490.00m in 2024.
This highlights the dominance of the Chinese market in the global gaming industry.
Lastly, the average revenue per user (ARPU) in the Video Games market is projected to be US$257.50 in 2024.
This metric provides insights into the financial performance and profitability of the market in Cyprus.
Cyprus is experiencing a surge in the popularity of mobile gaming, with a growing number of locals embracing gaming on the go.

Key regions: France, South Korea, Asia, Japan, Europe

Market

Region

Region comparison

Currency

Analyst Opinion

While all other Digital Media market markets have already gone through small revolutions caused by new business models like subscription-based services, the Video Games market is only at the beginning of this development. New offers like Ubisoft’s Uplay+ gaming flat rate or technical innovations like Google Stadia’s game streaming platform might attract even more casual gamers and revolutionize the way consumers play video games in general.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the Video Games market. Digital video games are defined as fee-based video games distributed over the internet. These include online games, download games, mobile games, and gaming networks. All monetary figures refer to consumer spending on digital goods or subscriptions in the respective market. This spending factors in discounts, margins, and taxes.

Modeling approach / market size:

The market size is determined through a bottom-up approach. We use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Global Consumer Survey), as well as performance factors (e.g., user penetration, price per product, usage) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as various macroeconomic indicators, historical developments, current trends, and reported performance indicators of key market players. In particular, we consider average prices and annual purchase frequencies.

Forecasts:

We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP per capita, consumer spending per capita, and 4G coverage.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). GCS data is reweighted for representativeness.