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Home / Articles

Top Game Developers in Europe by Revenue [2024]

01 Jul, 2024
Written by
Mariya Chernenko
Mariya Chernenko
Top Game Developers in Europe by Revenue [2024]

The European game development industry continues to thrive, characterized by innovation, creativity, and significant financial success. As we delve into 2024, several European game developers stand out not only for their captivating games but also for their substantial revenue generation. This article highlights the top game developers in Europe, showcasing those that have not only pushed the boundaries of gaming experiences but also achieved remarkable financial milestones. From renowned giants like Ubisoft and CD Projekt Red to rising stars in the industry, these companies represent the pinnacle of success in the European gaming landscape.

How we calculate Our high-load parsers scrape the web and our marketing analysts process the data to provide up-to-date information for business.
Name Founded CEO Headquarters Number of employees Revenue
Embracer Group Embracer Group 2011 Lars Wingefors Karlstad , Sweden 15,218 $3.9 billion
Ubisoft Entertainment SA Ubisoft 1986 Yves Guillemot Saint-Mandé , France 19,011 $2.5 billion
Keywords Studios Keywords Studios 1998 Bertrand Bodson Leopardstown , Ireland 12,340 $780 million
Gameloft SE Gameloft 1999 Stéphane Roussel Paris , France 3,400 $338 million
CD Projekt Red CD Projekt Red 1994 Michał Nowakowski Warsaw , Poland 1,236 $311 million
Thunderful Group Thunderful Group 2019 Martin Walfisz Gothenburg , Sweden 518 $274 million
Paradox Interactive Paradox Interactive 1999 Fredrik Wester Stockholm , Sweden 656 $248 million
Enad Global 7 Enad Global 7 2013 Ji Ham Stockholm , Sweden 807 $187 million
Focus Entertainment Focus Entertainment 1996 Christophe Nobileau Paris , France - $187 million
Nacon Nacon 1981 Alain Falc Lesquin , France 430 $170 million

In this comprehensive overview, we explore the top game developers based on their revenue, providing insights into their most successful projects, their contributions to the gaming industry, and their financial achievements. This ranking is based on the latest data and financial reports from credible sources such as Newzoo and industry analyses, ensuring an accurate representation of the industry’s current state. Whether you are a gaming enthusiast, an industry professional, or an investor, this list offers a clear picture of the leading players shaping the future of gaming in Europe.

Top-10 Game Developers in Europe

Top Game Developers in Europe by Revenue [2024]

1. Embracer Group

Embracer Group

Embracer Group, headquartered in Karlstad, Sweden, has rapidly ascended the ranks of the global gaming industry. Known for its aggressive acquisition strategy, Embracer has built a vast and diverse portfolio of game development studios and intellectual properties. The company’s business model focuses on acquiring and integrating successful game developers, allowing them to operate semi-independently while benefiting from the shared resources and financial stability of the parent organization.

Key Factors for Success

  1. Diverse Portfolio: The group’s portfolio includes a wide range of game genres, from AAA titles to indie games, covering various platforms such as PC, console, and mobile. This diversity allows Embracer to appeal to a broad audience and mitigate market risks.
  2. Decentralized Operating Model: Embracer’s decentralized structure allows its studios to maintain creative freedom while benefiting from the financial and logistical support of the parent company. This model fosters innovation and efficiency, leading to high-quality game production.
  3. Financial Performance: With substantial revenue growth, Embracer Group has become one of the top revenue-generating game developers in Europe. The company’s financial success is a testament to its effective management and strategic acquisitions.
  4. Strong Leadership: Led by CEO Lars Wingefors, Embracer Group has demonstrated strong leadership and vision, guiding the company through rapid growth and successful integration of its numerous acquisitions.

2. Ubisoft


Ubisoft, headquartered in Montreuil, France, is one of the most recognized names in the global gaming industry. Founded in 1986 by the five Guillemot brothers, Ubisoft has grown into a multinational corporation with studios and offices around the world. The company is renowned for developing and publishing a wide array of popular video game franchises that have left a significant impact on the industry.

Key Factors for Success

  1. Iconic Franchises: Ubisoft is the creator of some of the most beloved and successful game franchises in the industry, including Assassin’s Creed, Far Cry, and Just Dance. These franchises have not only garnered critical acclaim but also achieved massive commercial success, solidifying Ubisoft’s reputation as a top-tier game developer​​.
  2. Global Presence: With studios in multiple countries, including Canada, the USA, and the UK, Ubisoft leverages a diverse pool of talent to develop its games. This global presence allows the company to tap into various markets and cultural insights, enhancing the appeal and reach of its games​​.
  3. Innovative Gameplay and Technology: Ubisoft is known for its innovative approach to game development, often pushing the boundaries of technology and gameplay mechanics. The company invests heavily in research and development to create immersive and cutting-edge gaming experiences, such as the detailed open-world environments in Assassin’s Creed and the seamless multiplayer integration in games like The Division​.
  4. Strong Community Engagement: Ubisoft maintains a robust relationship with its gaming community through regular updates, expansions, and community events. This engagement ensures a loyal fan base and continuous player interest in their games, contributing to long-term revenue streams​​.
  5. Strategic Acquisitions and Partnerships: Over the years, Ubisoft has strategically acquired several studios and forged partnerships to expand its capabilities and intellectual property portfolio. These strategic moves have enabled the company to diversify its offerings and stay competitive in the dynamic gaming market​​.

3. Keywords Studios

Keywords Studios

Keywords Studios, headquartered in Dublin, Ireland, is a leading provider of technical and creative services to the global video games industry. Founded in 1998, the company has grown through strategic acquisitions and organic expansion to become a vital partner for many of the world’s top game developers and publishers. With a presence in over 20 countries and more than 50 studios worldwide, Keywords Studios offers a comprehensive range of services that cover the entire lifecycle of a video game.

Key Factors for Success

  1. Comprehensive Service Offering: Keywords Studios provides a wide array of services, including game development, art production, audio services, localization, testing, and player support. This extensive range allows the company to support game developers at every stage of the game development process, making it a one-stop solution for many industry giants​​.
  2. Strategic Acquisitions: The company’s growth strategy has heavily relied on acquiring specialized studios and companies that enhance its service offerings and geographic reach. Notable acquisitions include VMC (testing services), d3t (game development), and Synthesis (localization), which have significantly bolstered Keywords’ capabilities and market position​​.
  3. Global Reach: With operations in North America, Europe, and Asia, Keywords Studios leverages a global network of talent and facilities. This worldwide presence enables the company to offer localized services tailored to specific regional markets, enhancing the quality and relevance of its support to clients.
  4. High-Profile Clients: Keywords Studios works with some of the biggest names in the gaming industry, including Electronic Arts, Activision Blizzard, and Microsoft. These long-term relationships with major publishers and developers underscore the company’s reputation for reliability and excellence in service delivery​.
  5. Innovation and Technology: Embracing the latest technologies and innovative practices is central to Keywords Studios’ approach. The company continuously invests in new tools and processes to improve efficiency and quality, ensuring that it remains at the cutting edge of the industry​​.

4. Gameloft


Gameloft, headquartered in Paris, France, is a globally recognized developer and publisher of mobile games. Founded in 1999 by Michel Guillemot, one of the co-founders of Ubisoft, Gameloft has become synonymous with high-quality mobile gaming experiences. The company has a strong portfolio of games that span various genres, appealing to a wide demographic of players worldwide. Over the years, Gameloft has maintained its position at the forefront of mobile gaming through innovation, strategic partnerships, and a deep understanding of the mobile market.

Key Factors for Success

  1. Extensive Game Portfolio: Gameloft boasts an impressive catalog of over 190 games, including popular titles like the Asphalt racing series, Modern Combat, and Dungeon Hunter. These games have been downloaded billions of times, highlighting their widespread appeal and success​.
  2. Focus on Quality and Innovation: The company is known for its commitment to quality and innovation. Gameloft consistently pushes the boundaries of mobile gaming by incorporating advanced graphics, engaging gameplay mechanics, and immersive storytelling. This dedication ensures that their games stand out in a crowded marketplace​.
  3. Global Reach and Distribution: Gameloft has a robust global distribution network, with offices in over 30 countries. This extensive presence allows the company to effectively reach and engage with players across different regions, tailoring its offerings to meet local preferences and trends​​.
  4. Strategic Partnerships: The company has formed strategic partnerships with major brands and franchises, such as Disney, Marvel, and Universal. These collaborations have resulted in successful games that leverage popular IPs, attracting large audiences and boosting Gameloft’s market presence​​.
  5. Adaptability and Market Understanding: Gameloft’s ability to quickly adapt to the evolving mobile gaming landscape has been crucial to its success. The company was an early adopter of the freemium model, which has become the standard in mobile gaming. This model allows players to download games for free and make in-app purchases, driving significant revenue​​. 

5. CD Projekt Red

CD Projekt Red

CD Projekt Red, headquartered in Warsaw, Poland, is a highly acclaimed game development studio known for creating some of the most immersive and narrative-rich role-playing games (RPGs) in the industry. Founded in 2002 as a subsidiary of CD Projekt, the company has gained international fame through its critically acclaimed titles such as The Witcher series and Cyberpunk 2077. CD Projekt Red’s dedication to quality, storytelling, and player experience has earned it a loyal fan base and significant commercial success.

Key Factors for Success

  1. Critically Acclaimed Titles: CD Projekt Red is best known for The Witcher series, particularly The Witcher 3: Wild Hunt, which has won numerous Game of the Year awards and is often cited as one of the greatest video games of all time. Cyberpunk 2077, despite its rocky launch, has also achieved substantial sales and continues to improve with updates and expansions​​.
  2. Rich Storytelling and Complex Characters: The studio excels in creating deep, engaging narratives with complex characters. The Witcher series, based on the novels by Andrzej Sapkowski, features intricate plots and morally ambiguous choices that have captivated players worldwide. This strong emphasis on storytelling sets CD Projekt Red apart from many other developers​.
  3. High Production Values: CD Projekt Red is known for its high production values, including detailed graphics, expansive open worlds, and high-quality voice acting. The Witcher 3: Wild Hunt, for instance, features a vast, meticulously crafted world filled with detailed environments and lifelike character animations​​.
  4. Player-Centric Approach: The company has a reputation for being highly responsive to its player base. CD Projekt Red has released numerous free updates and expansions for its games, often incorporating player feedback to improve the overall experience. This approach has helped build a strong, loyal community of fans​​.
  5. Expansion and Innovation: CD Projekt Red continues to innovate and expand its offerings. The company has invested heavily in new technologies and game development practices to push the boundaries of what is possible in video games. Their REDengine technology, used in The Witcher 3 and Cyberpunk 2077, showcases their commitment to delivering cutting-edge gaming experiences​​.

6. Thunderful Group

Thunderful Group

Thunderful Group, headquartered in Gothenburg, Sweden, is a prominent player in the European gaming industry. Formed in 2017 through the merger of several successful gaming companies, Thunderful has quickly established itself as a versatile and dynamic force in game development and publishing. The group includes multiple subsidiaries such as Image & Form, known for the SteamWorld series, and Zoink Games, the creators of titles like Fe and Lost in Random. Thunderful Group’s commitment to creativity, innovation, and high-quality game production has propelled it to significant recognition and success within a short period.

Key Factors for Success

  1. Diverse and Acclaimed Game Portfolio: Thunderful Group’s portfolio is rich and diverse, featuring a range of genres and platforms. The SteamWorld series, developed by Image & Form, is particularly noteworthy, with titles like SteamWorld Dig and SteamWorld Heist receiving critical acclaim for their innovative gameplay and unique art styles. Other successful games include Fe and Lost in Random, showcasing the group’s strength in both development and storytelling​.
  2. Strategic Acquisitions and Growth: The formation of Thunderful Group itself was a strategic merger aimed at consolidating talent and resources. Since then, the group has continued to grow through strategic acquisitions, including the purchase of Rising Star Games, a well-known publishing company. This strategy has expanded Thunderful’s reach and capabilities, allowing it to support a wider array of projects and enhance its market presence​.
  3. Innovative Development Studios: The group comprises several innovative development studios, each bringing its unique strengths to the table. Image & Form’s focus on creative and mechanically deep games, Zoink’s emphasis on unique storytelling and art, and other studios’ diverse specializations ensure a broad and appealing game lineup. This synergy within the group fosters creativity and innovation across its projects​.
  4. Strong Publishing Arm: With Rising Star Games under its umbrella, Thunderful Group has a robust publishing arm that helps bring both its own games and third-party titles to market. This capability not only supports internal development but also positions Thunderful as a significant player in the broader gaming market, capable of nurturing and promoting indie talent alongside its in-house projects​.
  5. Focus on Quality and Player Experience: Thunderful Group prioritizes delivering high-quality games that offer engaging and enjoyable experiences for players. The consistent quality across its titles has helped build a loyal fan base and establish a reputation for reliability and excellence in the gaming community. The group’s dedication to maintaining high standards ensures its games are well-received by both critics and players alike​​.

7. Paradox Interactive

Thunderful Group

Paradox Interactive, headquartered in Stockholm, Sweden, is a renowned game developer and publisher specializing in grand strategy and simulation games. Founded in 1999, the company has carved out a niche in the gaming industry with its complex and deeply engaging titles. Paradox Interactive’s games are known for their strategic depth, historical accuracy, and extensive modding capabilities, attracting a dedicated fan base of strategy enthusiasts.

Key Factors for Success

  1. Rich Portfolio of Strategy Games: Paradox Interactive is famous for its grand strategy games, including titles like Europa Universalis, Crusader Kings, Hearts of Iron, and Stellaris. These games offer intricate gameplay mechanics and vast, detailed worlds that allow players to control empires, manage resources, and engage in complex political and military strategies​.
  2. Community Engagement and Modding Support: One of the hallmarks of Paradox Interactive’s success is its strong community engagement. The company actively supports modding, providing tools and platforms for players to create and share their own content. This has led to a vibrant modding community that continuously enhances and extends the life of Paradox’s games​.
  3. Long-Term Support and Expansions: Paradox Interactive is committed to long-term support for its games, regularly releasing expansions, DLCs, and updates that add new content and improve gameplay. This approach not only keeps existing players engaged but also attracts new players over time, ensuring sustained revenue from each title​​.
  4. Focus on Historical and Science Fiction Themes: The company’s games often explore historical or science fiction settings, allowing players to immerse themselves in different eras and alternate realities. This focus on rich, thematic content adds depth and appeal to their games, making them stand out in the strategy genre​​.
  5. Effective Business Model: Paradox Interactive’s business model leverages the sale of base games complemented by a steady stream of expansions and DLCs. This model has proven highly effective, generating ongoing revenue from a loyal player base while keeping the games fresh and engaging with new content​​.

8. Enad Global 7 

Enad Global 7

Enad Global 7 (EG7), headquartered in Stockholm, Sweden, is a diversified gaming company known for its strategic acquisitions and expansive portfolio in the gaming and entertainment sectors. Founded in 2013, EG7 has rapidly grown through a series of acquisitions, positioning itself as a significant player in the global gaming market. The company’s business model integrates game development, publishing, and technology services, offering a comprehensive suite of capabilities across the gaming value chain.

Key Factors for Success

  1. Strategic Acquisitions: EG7’s growth strategy heavily relies on acquiring successful and promising companies in the gaming and entertainment industries. Notable acquisitions include Daybreak Game Company, known for titles like EverQuest and H1Z1, and Big Blue Bubble, a mobile game developer famous for My Singing Monsters. These acquisitions have significantly expanded EG7’s portfolio and market reach​.
  2. Diverse Portfolio: EG7’s portfolio spans multiple gaming genres and platforms, from MMORPGs and mobile games to console and PC titles. This diversity allows the company to cater to a broad audience and mitigate market risks associated with relying on a single game or platform.
  3. Integrated Business Model: The company operates a vertically integrated business model that includes game development, publishing, and technology services. This integration enables EG7 to control the entire lifecycle of a game, from concept to market, ensuring high quality and efficient operations. Their subsidiary Petrol Advertising, for instance, provides marketing and branding services, enhancing the marketability of EG7’s titles​​.
  4. Global Reach and Market Penetration: With a presence in multiple countries, EG7 leverages its global reach to access various markets and audiences. The company’s international footprint allows it to effectively distribute and market its games worldwide, ensuring broad market penetration and revenue diversification​​.
  5. Innovative Development and Publishing: EG7 emphasizes innovation in both game development and publishing. By fostering creativity and leveraging cutting-edge technology, the company develops games that stand out in the competitive gaming market. Their focus on high-quality content and engaging gameplay has helped build a loyal player base​​. 

9. Focus Entertainment

Focus Entertainment

Focus Entertainment, formerly known as Focus Home Interactive, is a French video game developer and publisher headquartered in Paris. Established in 1996, the company has earned a reputation for producing high-quality narrative-driven games. Focus Entertainment is known for its strong collaborations with independent studios and has brought numerous critically acclaimed titles to the market, making it a significant player in the European gaming industry.

Key Factors for Success

  1. Strong Portfolio of Games: Focus Entertainment has published a variety of successful games across different genres, with a notable emphasis on narrative-driven and atmospheric titles. Some of their most recognized games include A Plague Tale: Innocence, Vampyr, GreedFall, and the Farming Simulator series. These games have received praise for their storytelling, unique gameplay mechanics, and high production values​​.
  2. Collaborations with Independent Studios: The company is known for its strategic partnerships with talented independent studios, such as Asobo Studio (developers of A Plague Tale: Innocence) and Dontnod Entertainment (developers of Vampyr). These collaborations allow Focus Entertainment to leverage the creative strengths of various developers while providing the necessary resources and support to bring their visions to life​​.
  3. Innovation and Creativity: Focus Entertainment consistently supports innovative game concepts that push the boundaries of traditional gameplay and storytelling. This commitment to creativity has led to the development of unique and engaging games that stand out in the market. Their focus on atmospheric and immersive experiences has become a hallmark of their published titles​.
  4. Global Reach and Market Penetration: With a strong presence in both the European and global markets, Focus Entertainment effectively distributes its games worldwide. The company’s robust distribution network and effective marketing strategies ensure that their titles reach a broad audience, contributing to their commercial success​.
  5. Long-Term Player Engagement: Focus Entertainment places a high value on maintaining player engagement through post-launch support, including updates, expansions, and downloadable content (DLC). This approach not only keeps existing players invested in their games but also attracts new players over time, ensuring sustained revenue from each title​​.

10. Nacon


Nacon, headquartered in Lesquin, France, is a prominent player in the gaming industry, known for its dual focus on gaming hardware and software development. Established in 2019 as a subsidiary of Bigben Interactive, Nacon has quickly made a name for itself through the development of high-quality gaming accessories and a diverse portfolio of video games. The company’s integrated approach allows it to cater to the needs of gamers comprehensively, offering both cutting-edge hardware and engaging software.

Key Factors for Success

  1. Integrated Hardware and Software Strategy: Nacon uniquely combines the development of gaming accessories with video game production. This integrated approach allows the company to offer a holistic gaming experience, ensuring that their hardware is perfectly optimized for their software and vice versa. Their product line includes controllers, headsets, and gaming chairs, complementing their expansive game library​​.
  2. Strong Game Portfolio: Nacon has developed and published a wide array of video games across various genres. Notable titles include WRC (World Rally Championship) series, Rugby 20, Tour de France, and Vampire: The Masquerade – Swansong. These games are known for their quality, immersive gameplay, and appeal to a broad audience of gamers​​.
  3. Focus on Quality and Innovation: The company is committed to delivering high-quality products and innovative solutions. Nacon’s hardware is designed with professional gamers in mind, offering durability, precision, and ergonomic comfort. This focus on quality extends to their software, where they strive to create compelling and polished gaming experiences​.
  4. Strategic Acquisitions: Nacon has expanded its capabilities and market reach through strategic acquisitions. By acquiring studios such as Spiders, Cyanide, and Kylotonn, Nacon has bolstered its game development prowess and diversified its portfolio. These acquisitions enable the company to produce a wide range of games and cater to different gaming preferences​​.
  5. Global Market Penetration: With a strong presence in Europe and an expanding footprint globally, Nacon leverages its distribution networks to reach gamers worldwide. The company’s products are available in major markets, supported by effective marketing campaigns and partnerships that enhance their visibility and appeal​​.

Leveling Up

In conclusion, Europe’s game development industry remains a powerhouse, with top developers generating substantial revenues and pushing the boundaries of innovation and creativity. These leading firms are not only driving economic growth but also setting global standards in game design, technology, and player engagement. As the industry continues to evolve, the influence and success of these European developers will undoubtedly shape the future of gaming, offering exciting opportunities for both players and investors alike. Their impressive financial achievements highlight the vibrant and competitive nature of Europe’s gaming landscape.

How Big is the Gaming Industry in Europe?

The global video game market boasts over 3 billion players, valued at EUR 179 billion. In 2021, the EU's gaming market was worth EUR 18.3 billion, representing an 11% share of the global market. European game development studios significantly contribute to this dynamic industry, reflecting the region's robust presence in the global gaming landscape.

Is Sweden Good for Game Development?

Sweden is a powerhouse in the game development industry, with Skövde being the leading city for studying game development. Master's students in Skövde benefit from a competitive edge in the international game industry, making Sweden a prime location for aspiring game developers.

What Country Has the Most Pro Gamers?

The United States leads the world in eSports, with over 3.5 thousand active competition players in 2023. China and Brazil follow, with two thousand and 1.36 thousand professional eSports players, respectively, showcasing the global reach and popularity of competitive gaming.

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