Cyprus’ gaming industry is booming — here’s what’s driving its growth

Utmost Games CEO discusses the future of gaming and Cyprus’ role in it

The mobile gaming industry is witnessing a surge in innovation and investment, with Cyprus’ role within it growing with every passing year.

One of the key figures driving this momentum is Vladimir Nikolsky, founder and CEO of Utmost Games.

With a proven track record in the gaming industry, including his tenure as CEO of MY.GAMES, Nikolsky is now backing some of the most promising gaming ventures in Cyprus.

Among these is Top App Games, a rapidly growing mobile game studio that has made waves with its hit title, Ludus: Merge Arena.

The game has surpassed 3 million downloads, generated over $2 million in monthly revenue, and continues to expand its player base.

A recent $10 million funding round, led by Nikolsky, aims to accelerate its development and further establish Cyprus as a leading destination for gaming innovation.

In this exclusive interview with the Cyprus Mail, Nikolsky shares his vision for Utmost Games, his investment philosophy, and his views on Cyprus as a thriving ecosystem for gaming startups.

Moreover, he discusses the strategic direction of Top App Games and Digital Vortex Entertainment, the growing appeal of skill-based gaming, and how AI and evolving monetisation strategies are shaping the industry’s future.

From fostering a people-centric culture to tackling the challenges of an increasingly competitive market, Nikolsky offers valuable insights into what it takes to build and sustain successful gaming ventures.

Read on to explore how his ventures are not only redefining gaming but also reinforcing Cyprus’ role as a global player in the industry.

CM: Utmost Games has made notable investments in Top App Games and Digital Vortex Entertainment. Could you share your vision for these partnerships and what they signify for the future of gaming?

VN: Digital Vortex Entertainment is a publisher of buy-to-play (B2P) games for PC and consoles, led by Alexey Izotov. It’s a strong team of specialists drawn from games studios worldwide. They are united by their passion for video games and their ambition to collaborate with developers globally, helping them find their audience and achieve success. This is a solid business with significant growth potential.

Top App Games, on the other hand, is a studio with an experienced team. Their debut project, Ludus, is showing incredible growth, nearing $3 million in monthly revenue. The studio is continuously evolving and actively scouting new teams. The studio is led by Vladimir Markov, who is not only a strong visionary but also an exceptional CEO. Top App Games is one of my fastest-growing investments, and I foresee these new partnerships and projects leading to further rapid expansion.

Both companies are based in Cyprus, which has become a hub for such endeavors.

CM: What inspired you to establish Utmost Games in Cyprus, and how has the local business environment supported your goals?

VN: I was drawn to Cyprus for several reasons, primarily personal ones. My family moved here, and we quickly felt at home. The pleasant climate has been beneficial, especially for my children, who study here in local schools and universities. As a location for family life, Cyprus is fantastic, and I highly recommend it.

From a business perspective, Cyprus is equally appealing. It’s a hub where you can meet people with diverse interests — talented developers, entrepreneurial investors, niche specialists, and visionaries. There’s no better location for networking.

Finally, doing business here is straightforward, quick, and efficient. The Cypriot government is proactive in fostering growth in this sector. After stepping away from big business and settling here, I’ve been able to establish a new major enterprise with ease. The environment here is incredibly conducive to success.

CM: How do you view Cyprus’ potential as a hub for tech and gaming development, and what changes or initiatives could further enhance its appeal to international investors and developers?

VN: Cyprus is becoming a gathering point for talented professionals and enthusiasts. You’ll find large studio’s offices, major gaming companies, marketing agencies and countless opportunities for networking at conferences and business meetings. Cyprus is undeniably a critical hub for the gaming industry. I believe this reputation will only improve with time, and Utmost Games aspires to be a prime example of success in this region.

CM: With Utmost Games focusing on mobile and skill-based gaming, what are the key strategic goals you’re pursuing to ensure competitive positioning in the global gaming ecosystem?

VN: Utmost Games collaborates with teams worldwide. At the moment, I’m particularly interested in the skill-based gaming segment, although we’re not limiting ourselves to this genre. I’ve invested in Digital Vortex Entertainment and anticipate that by the end of 2025, our portfolio will include 3-4 ambitious, top-tier projects in the “Triple-I” category — indie games with almost AAA-level quality.

In mobile gaming, we’re working with Top App Games, which boasts top-notch specialists. Vladimir Markov is a visionary and creative force, exactly the kind of leader the mobile market needs to develop unique products that others aspire to replicate. Take Ludus, for example — it’s on track to achieve $3 million in monthly revenue.

CM: Monetisation strategies are critical in mobile gaming. Could you share the approaches Utmost Games uses to balance player satisfaction with revenue generation?

VN: At Top App Games, our team prioritises creating games that resonate deeply with players, ensuring their long-term engagement. Their monetisation strategies are centered around delivering value, not just transactions. We use a combination of fair in-app purchases and non-intrusive ads that enhance the gameplay experience without making it feel pay-to-win. Striking this balance ensures that players feel their investments are worthwhile, fostering loyalty and positive word-of-mouth. Continuous feedback from the player community also helps us refine our approach to maintain trust and satisfaction.

CM: How does Utmost Games approach marketing in an increasingly saturated mobile gaming market, and what innovative techniques have proven most successful for you?

VN: The advertising landscape is constantly evolving, and keeping up with these changes is essential. While some may argue the mobile gaming market is oversaturated, I believe this trend spans the entire gaming industry. The era of consumers making impulsive purchases is over.

In this environment, the value of “classic marketing” has risen — it’s about telling your story effectively across multiple channels. Although this approach is complex and requires time, it’s often the only way to stand out and capture players’ attention. Finding skilled marketing specialists is becoming increasingly rare, but combining a strong product with a multifaceted marketing strategy remains the key to success.

CM: Building high-performance teams is often cited as a cornerstone of success in tech-driven industries. What practical steps are you taking to foster a people-centric organisational culture at Utmost Games?

VN: I dislike the term “human resources,” as it depersonalises the individuals contributing to a company’s success. In every business I’ve founded or been involved in, I’ve emphasised one principle: employees are the foundation. Long-term, warm, and human relationships with team members are critical.

People are diverse—some need more time to reveal their full potential, and that’s no reason to treat them differently. I believe fostering a kind and supportive environment is what empowers teams to create hit games.

CM: The rise of skill-based gaming presents exciting opportunities. How do you see this segment evolving, particularly with advancements in technology such as AI and AR?

VN: Skill-based gaming is still in its infancy, with the first big success formula yet to be discovered. That’s precisely what makes it exciting—it’s the perfect time to experiment and strive to be a pioneer. I recommend keeping a close eye on this segment, as it will likely become one of the most profitable areas in gaming within the next few years.

While technologies like AR may not play a pivotal role here yet, AI could have a transformative impact. However, the industry needs time to learn how to use this new technology responsibly without compromising other aspects of gaming. At the moment, there’s a tendency to romanticise AI. Ultimately, it’s talented and passionate individuals who drive success, not technology alone.

CM: What are some emerging trends in the gaming industry that you believe will shape its trajectory over the next five to ten years?

VN: Skill-based gaming is poised for substantial growth. AI will see more intensive application across various sectors, though full-scale integration into production is still a few years away. Meanwhile, technologies like AR and VR will take longer to become mainstream consumer products, largely due to a lack of content.

I’m also closely watching the console market, particularly how companies like PlayStation and Xbox respond to innovations like SteamDeck, which builds on the success of the Nintendo Switch. My family and I are eagerly anticipating the Nintendo Switch 2.

CM: Utmost Games is known for leveraging innovation in its development process. Could you elaborate on some technological advancements your team is exploring or implementing?

VN: Our partners leverage various emerging technologies, but what truly matters isn’t the specific name of the technology—it’s how it’s applied. For instance, product testing can be significantly accelerated with the use of artificial intelligence. However, I must emphasise that AI is a complex topic. While it has the potential to greatly benefit a company, it can also cause harm if misused. These technologies should serve as tools to assist and enhance processes, not as replacements for human expertise.

CM: What are some of the biggest challenges in developing mobile games today, and how does Utmost Games overcome these obstacles?

VN: One of the biggest challenges in mobile game development is standing out in a highly competitive and saturated market. To overcome this, our partners focus on originality, creating unique gameplay mechanics that aren’t just copies of existing trends. Another challenge is retaining players long-term, which they address by emphasising player engagement through regular content updates and fostering active communities around our games.

CM: As a seasoned entrepreneur, what advice would you offer to aspiring gaming developers or entrepreneurs looking to establish themselves in the industry, particularly in Cyprus?

VN: Believe in the people you work with, trust their vision, and treat your colleagues with kindness and respect. The most important thing is to build and retain a talented team. Provide them with the resources and opportunities to create a hit, and it will pay off. In Cyprus, assembling a team is both simple and comfortable. The welcoming climate and friendly atmosphere have a significant positive impact on team morale.