It’s no secret that Greece has struggled financially in recent years but, despite the tough market, the country’s local games industry is managing to achieve growth.
Research outlet PricewaterhouseCoopers (PwC) believes that in the five years between 2013 and 2018, Greece’s video games market will experience a compound average growth rate (CAGR) of 5.2 per cent, fuelled by the online and mobile sectors.
Meanwhile, market tracker Newzoo estimates that Greece is the 48th-largest games market by revenue in the world, with $97.3 million generated during 2014.
The economic crash has taken its toll, however. Many of the country’s independent retail outlets have been
forced off of the High Street, with the bigger retailers similarly struggling despite the reduced competition.
As recently as last year, Greece’s retail sector was beset by costly boxed games, with titles priced around €70 (49) – around ten per cent of the average household income in the country. This has led to many consumers utilising grey market stock imported from outside of the region.
Despite its market woes, major games brands continue to invest in Greece. Media giant IGN expanded into the country last summer, partnering with local competitive games brand CowboyTV to bring coverage to Greek players.
Greek’s relationship with games has even extended into politics. Former Valve economist Yanis Varoufakis took up the mantle of finance minister in late 2014, in an effort to help turn the country’s economic fortunes around. Varoufakis departed from the role this July, just six months after joining, after clashing with the region’s creditors.
Capital City: Athens
GDP (Per Capita): $18,863
Media Markt, Public, Plaisio, Germanos, Seven, Kotsovolos
Enarxis, Zegatron, CD Media, IGE, Nortec, Beacon Multimedia
Aventurine, Total Eclipse, Eyelead, Sidebar, Flipped Horizons
PUBLISHERS IN THE REGION
Aventurine, Just A Game, Sony, Microsoft