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Altered Ventures Letters
Brief: Gaming x AI x Capital in 2025

The Future of Gaming in LATAM

An interactive exploration of how AI, indie development, and strategic capital are reshaping the gaming landscape in Latin America, with Mexico leading the transformation.

Global Market ~ $184B (2024)
LATAM ~ $8.4B (2024)
México > $2.2B
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LATAM Gaming Market Map
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Latin America's indie revolution

Latin America combines accelerated adoption with massive developer and gamer communities. There are over 270 million video game players in the region, where Mexico, Brazil, Argentina, Colombia, Peru and Chile lead (in that order). This environment is enhanced by digital distribution, competitive talent and attractive costs. If you add to this entire breeding ground the absolute disruption being experienced with generative artificial intelligence and the democratization process in software development, the revolution is imminent: Latin America's greatest gaming entrepreneurship and investment opportunity in history is approaching.

LATAM ~ $8.4B in 2024. 2nd Region WW in Growth %
Mexico is #1 in the region by combination of revenue and users
Sources: Newzoo, PwC, Statista, Altered Ventures
Latin America Gaming Market Statistics

The rise of independent development

Independent video game studios or "indies" are the innovation laboratory of the largest entertainment industry on the planet. The low cost of development engines like Unity, Unreal and Godot as well as the democratization of direct distribution channels, are factors that have for several years been allowing small studios to launch and compete with their games globally.

It is a fact: it is increasingly easier and cheaper to develop, launch and displace a video game in the market. This is the reason behind the unprecedented growth that the indie gaming sector has experienced and even more so, the reason why the opportunity remains valid.

~60% of Steam releases (2024) come from indie developers.
Global indie market > $5B (20% YoY growth)
+70% of indie studios in the region concentrated in MX/AR/BR
Indie Gaming Statistics

From code to "vibe coding"

No-code technological tools have exploded in recent months and enable non-technical developers without programming knowledge to create functional prototypes in record time. AI automates components, graphics, logic and testing, accelerating from concept to playable demo. The evolution of development has transformed how we create software: from traditional coding to 'vibe coding' where the developer becomes a high-level orchestrator.

The opportunity for more non-technical people to become video game designers and producers has never been greater.

Traditional Coding

  • Developer writes ALL lines
  • Full control over every detail
  • Slower, manual iteration
AI Trust Level:
LOW

AI-assisted Coding

  • Partial code, often guided by AI
  • Must validate AI-suggested lines
  • Speed improved. Requires oversight
AI Trust Level:
MODERATE

Vibe Coding

  • NATURAL-LANGUAGE prompts
  • AI generates the majority of code
  • Rapid iteration; acceptance of code
  • Developer = Product Orchestrator
AI Trust Level:
HIGH

Traditional Coding

  • Developer writes ALL lines
  • Full control over every detail
  • Slower, manual iteration
Trust in AI:
LOW

AI-assisted Coding

  • Partial code, often guided by AI
  • Must validate AI-suggested lines
  • Speed improved. Requires oversight
Trust in AI:
MODERATE

Vibe Coding

  • NATURAL-LANGUAGE prompts
  • AI generates the majority of code
  • Rapid iteration; acceptance of code
  • Developer = Product Orchestrator
Trust in AI:
HIGH

Gaming + AI + Capital:

10x Efficiency

Micro-teams and solo developers powered by AI generate global distribution from Mexico and Latin America.

Unlike traditional development and investment methods, 10x efficiency in indie game creation will cause record levels of low cost and low capital entry.

Altered Ventures (founded in 2016) with its nearly three decades of experience in the video game industry, is ready to support the massive ecosystem that is about to come.

$50K-150K tickets
70% cost reduction
Global reach Day 1
Altered Ventures

Catalyst & Enabler

TRADITIONAL DEVELOPMENT

Input: Conventional methods

$250K USD
18-24 months
Technical barriers

AI ACCELERATION ZONE

No-Code Tools
Cost/Time Reduction
Global Distribution

AI-ENHANCED RESULTS

Revolutionary Efficiency

$50K-150K (-70%)
3-6m (-75%)
Global Day 1

Micro-teams + AI + Global Distribution = 10x Creative Alpha

SUPERNOVA Indie Games Fest

SUPERNOVA Indie Games Fest

SUPERNOVA INDIE GAMES FEST is an event conceptualized by Altered Ventures and co-founded with OCESA/Gamers Unite to launch Mexico's first B2C platform where local, regional, and international indie studios showcase their games to thousands of consumers.

Additionally, the SUPERNOVA DEV CHALLENGE is a competition where new video game development talent in Mexico will be rewarded with $500,000 pesos to continue driving creativity and the local and regional indie ecosystem.

Mexico City - Expo Reforma
October 4, 2025
+1500 players, +80 gaming zones
Dev Challenge: $500K pesos prizes
www.supernova.game

Game Conference MX

Game Conference MX

GAME CONFERENCE MX is the specialized platform for video game development professionals in Mexico and Latin America, with Altered Ventures as one of its investors. This conference brings together high-level talent and creative minds from LATAM to explore innovative video game development.

With the motto "By game devs, for game devs," Game Conference MX offers inspiring talks, networking, and an expo showcasing game projects from established and indie studios to boost creativity.

Guadalajara - Digital Creative City
October 17-18, 2025
Developers, leaders, networking
Talks, expo, collaboration
www.gameconferencemx.com
LATAM Gaming Ecosystem Map
Altered Ventures Letters
2025 REPORT COMING SOON

Gaming + AI + Capital

The convergence that rewrites the future

LATAM is entering a phase of historic acceleration. This brief invites you to explore—with data and cases—how the future is being rewritten from Mexico to the region when indie development, gaming, and AI converge.

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