PixelLedger

FLORIANÓPOLIS · SC TICKER LATAM ▲ 4.2% UPDATED 07:41 BRT

Top story

The business of games, read by the numbers.

We cover studios, launches and funding rounds across the game industry — fast reporting paired with the data that tells you what a headline actually means for the market, with a Latin-American lens.

Subscribe to Pro Read the feed

The feed

What moved, and what it means

Every item carries a figure — the round size, the headcount, the launch-week number — so the news reads as data, not vibes.

Dark game studio floor at night with rows of monitors, illustrating a launch-day analysis
Launch · deep-dive

Curitiba studio ships its console debut — the launch-week math, line by line

A twelve-person team spent three years on one title. We pulled the wishlists, the launch-week sell-through and the refund rate, then compared them against four regional debuts from the last eighteen months. The pattern is clear, and it is not the one the trailer suggested. Pro subscribers get the full model and the spreadsheet.

FLORIANÓPOLIS · 21 JUL 2026 · SELL-THROUGH ▲ 61% · READ 9 MIN

Where we look

Four beats, one ledger

The coverage splits into four running desks. Pick a thread and follow the figures as the quarter moves.

01

Studios

Who is building, who is hiring, who is quietly winding down — org charts and headcounts, not press releases.

86TRACKED 02

Funding

Seed to Series C, grants and platform deals. Round sizes, lead investors and the valuation logic underneath.

41ROUNDS ‘26 03

Launches

Wishlist curves, launch-week sell-through, refund rates and post-launch tails — the data past day one.

129SHIPPED 04

Analysis

The long reads: market models, currency effects and the structural bets shaping LatAm games.

32DEEP-DIVES

The desk

Who reads the numbers

A small team of reporters and analysts. Each covers a beat, each shows their working.

Mariana Delgado
Funding editor
Beat · rounds, cap tables, valuations

A round is only news once you know who led it and what it prices the studio at. We publish the multiple, then we argue about it.

Covered 41 LatAm rounds this year, from R$800k grants to a Series B.
Rafael Antunes
Launches & market
Beat · sell-through, wishlists, pricing

Wishlists are a promise; sell-through is the receipt. My job is to hold the two next to each other and see who was telling the truth.

Tracks a rolling model of every regional launch and its first 30 days.
Sofia Nakamura
Studios reporter
Beat · hiring, restructures, culture

Headcount tells a story the roadmap won’t. When a studio hires three producers and no artists, something is coming — usually a pivot.

Maps org changes across 86 studios from Florianópolis to Bogotá.

State of the market

The quarter, in four figures

Every three months we roll the desk’s tracking into one snapshot — capital in, titles out, headcount across the region, and where the money is actually going. The full quarterly report ships bundled with a Pro subscription.

See what Pro includes
R$0M
Capital deployed into LatAm games, YTD
0
Funding rounds closed this year
0
Titles shipped by tracked studios
0
Studios on the ledger, six countries

Who reads us

Straight from the subscriber feed

Analysts, studio finance teams and investors who use the desk’s numbers in their own work. Four, verbatim.

Illustrated flat-geometric avatar for Camila Restrepo
@crestrepo Games equity analyst · Bogotá
verified subscriber

I stopped taking round announcements at face value the week I started reading PixelLedger. The Series A breakdown on the São Paulo mobile deal had the cap table and the implied multiple laid out before any wire had covered it. That model went straight into my note.

Illustrated flat-geometric avatar for Valentina Duarte
@vduarte_fin FP&A lead, indie studio · Montevideo
verified subscriber

The launch-week sell-through models are the only regional benchmark I trust enough to put in front of our board. Wishlist velocity next to actual refund rates — that comparison saved us from repricing our own debut a full R$15 too high.

Illustrated flat-geometric avatar for Tomás Herrera
@tomasherrera Partner, early-stage fund · Santiago
verified subscriber

The quarterly market report is the first thing my partners open. Capital deployed, rounds closed, headcount across six countries — it is the LatAm dataset nobody else assembles, and it has settled at least two internal arguments about valuation drift this year.

Illustrated flat-geometric avatar for Luiza Fontes
@luizafontes Corp-dev & strategy · Porto Alegre
verified subscriber

Every figure carries its working, which is rare. When they flagged the currency swing resetting console MSRPs, they tracked eleven titles to prove it instead of asserting it. That is the difference between a newsletter and analysis I can act on.

Before you subscribe

Questions, on the record

The things people ask the desk most often — billing, access, method and independence — answered plainly.

What does R$39 a month actually unlock?

Every deep-dive with its full model, the quarterly market report, the weekly data newsletter and the entire searchable archive. One tier, no add-ons, no upsell.

How am I billed — do you take card details here?

Never on this site. You submit the form, we email an invoice and your login. Nothing is charged until you confirm, and billing is arranged separately.

Can I cancel, and what happens to my access?

Cancel any time by email. It stops the next invoice; your access runs to the end of the month you have already paid for. No lock-in, no penalty.

Is this investment advice?

No. PixelLedger is journalism and market analysis, informational only. We show our working so you can judge it — but you act on your own decisions.

How fresh are the numbers?

The feed updates through the trading day in BRT; the market snapshot refreshes as rounds close and titles ship. Every figure carries the date it was true.

Do you cover studios outside Brazil?

Yes — the ledger spans six Latin-American countries, from Florianópolis to Bogotá, Santiago and Montevideo. The lens is regional, not national.

Can I put a login on a whole team?

An individual plan is personal to you. For desks and funds we set up team access with its own invoice terms — write to us and we will size it.

Who funds the reporting?

Readers do. Pro subscriptions pay for the desk, which keeps our incentives on accuracy rather than access. We do not sell coverage.

Membership

PixelLedger Pro

One tier. Everything the desk produces, plus the models behind it.

Pro · monthly

R$39/mo

Billed monthly. Cancel any time — access runs to the end of the period.

Subscribe to Pro

What R$39 a month buys

  • Deep-dive analysis
    The full models, spreadsheets and launch math behind every long read.
  • Quarterly market report
    Our state-of-the-market snapshot, bundled at no extra cost every quarter.
  • Data-driven newsletter
    A weekly briefing built around the figures that actually moved.
  • Full archive access
    Every deep-dive and dataset we have published, searchable and unlocked.

Payment is arranged by invoice after you subscribe — the form below never asks for card details.

Free briefing

The weekly, in your inbox

Five figures that moved the LatAm games market this week, with one chart and one short read. Free, no filler — the Pro edition adds the models.

One email a week. Unsubscribe from any issue.

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PixelLedger Pro is a monthly subscription for people who need to know what the game market is doing before it is obvious. You get the deep-dives, the quarterly report, the weekly data newsletter and the full archive.

PlanPixelLedger Pro
PriceR$39 / month
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AccessEmailed within one business day
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FIG · LATAM GAMES INDEX, ROLLING