Brazil Games Industry Report 2022

Research Conducted by

OVERVIEW
1. Introduction 11
1. 1. About the Survey and structure of this Report 12
1. 2. The Game Industry 13
1. 3. Brazil’s Games Industry Ecosystem 15
1. 4. Brazil as a Games Market 15
1. 5. Multinationals in Brazil 16
2. History of the Games Industry in Brazil 18
2. 1. 1983 to 1992 – The Beginning: Brazilian Trail Blazers 19
2. 2. 1993 to 2001 – Professionalization: The CD-ROM Era 20
2. 3. 2002 to 2010 – Coordination: Brazil’s Game Industry Gears Up 20
2. 4. 2011 to 2017 – The Rise of the Brazilian Gaming Ecosystem: Open Doors to a Global Industry 22
2. 5. 2018 to today – Pandemic and Consolidation THE SKY’S THE LIMIT 24
2. 6. Timeline with the main highlights of Brazil’s Games Industry 25
3. State of the Industry 27
3. 1. Number of Studios 28
3. 2. Industry Growth 30
3. 3. Activities Performed 31
3. 4. Services Provided 33
3. 5. Time in Operation 34
4. Studios and Their Location 35
4. 1. Map showing the distribution of studios in Brazil 36
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4. 2. Map Showing Developer Distribution by Region 36
4. 3. Major Brazilian Developers 38
4. 3. 1. Wildlife 39
4. 3. 2. Afterverse 39
4. 3. 3. Aquiris 40
4. 3. 4. Fanatee 40
4. 3. 5. PUGA 41
4. 3. 6. Sioux 41
4. 3. 7. Kokku 41
4. 3. 8. Gazeus 42
4. 3. 9. Pipa 42
4. 3. 10. Tapps 43
5. Games Profile 44
5. 1. Number of Games 45
5. 2. Types of Games Developed 45
5. 3. Game Development by Platform 47
5. 4. Distribution 48
5. 5. External Development 50
5. 6. Awards 52
6. Human Resources and Diversity 53
6. 1. Estimated Developer Headcounts and Growth 54
6. 2. Ratio between Partners and Employees 56
6. 3. Employment System 57
6. 4. Professional Distribution by Area 59
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OVERVIEW

6. 5. Workforce Diversity 60
6. 5. 1. Gender 60
6. 5. 2. Diversity 63
7. Technologies and Services 67
7. 1. Most Used Engines 68
7. 2. Software and Licenses 69
7. 3. Services Used 70
8. Corporate Internationalization 71
8. 1. Conditions for Internationalization and International Exposure 72
8. 2. Target Markets 73
8. 3. Exporting Maturity 76
8. 4. Revenues from Abroad 77
9. Financial Overview 78
9. 1. Overall Industry Revenue 79
9. 2. Revenues of Responding Companies 80
9. 3. Revenues by Region 82
9. 4. Revenue and Monetization 83
9. 5. Main Revenue Source by Game Type 85
9. 6. Intellectual Property 86
10. Funding 87
10. 1. Private Funding 88
10. 2. Government Funding 90
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OVERVIEW

10. 3. Public Policies 93
11. Associations and Collectives 95
11. 1. Mapped Associations 96
11. 2. Responding Associations 96
11. 3. Overview of Regional Associations 98
12. Events 100
12. 1. Events Focused on Game Development and Businesses 101
12. 2. Events for the General Public 102
12. 3. Academic Events 102
12. 4. Regional Events 103
13. Effects of the COVID-19 Pandemic 104
13. 1. Remote Work 106
13. 2. Impacts on Studios 106
14. Trends and Prospects 108
14. 1. Technological Trends 109
14. 1. 1. NFTs, Blockchain, Cryptocurrencies 110
14. 2. Market Trends 111
14. 2. 1. Main Trends 111
14. 2. 2. International Competitiveness 112
14. 2. 3. The metaverse 113
14. 2. 4. More Dynamic Areas of Investment 114
14. 2. 5. Private Equity Investments 115
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OVERVIEW

15. Challenges Mentioned by Companies 116
15. 1. Access to Funding 117
15. 2. Talent Attraction and Retention 117
15. 3. Increased Complexity 119
15. 4. Increased Competitiveness and the Challenge of Attention 120
15. 5. Taxation and Administrative Proceedings 121
15. 6. Regulatory Matters 122
16. Other Stakeholders in this Ecosystem 124
16. 1. Game Development Support Companies 125
16. 2. Overview of Self-Employed Developers 126
17. Closing Remarks 128
18. Method 131
18. 1. Mapping Companies 132
18. 2. Company Profile – Questionnaire 133
18. 2. 1. Data Collection Tool 133
18. 2. 2. Confidentiality of Information 134
18. 2. 3. Sampling Plan and Dissemination 134
18. 2. 4. Final sample 135
18. 2. 5. Interviews 135
19. References 136
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OVERVIEW

LIST OF FIGURES
Figure 1: History of Brazil’s Games Industry 26
Figure 2: Estimated number of studios in Brazil’s games industry 29
Figure 3: Growth in the Number of Developers (2014, 2018 and 2022) 31
Figure 4: Types of Activities Performed by Developers 32
Figure 5: External Development: 2020 and 2021 33
Figure 6: Developers’ Time in Operation 34
Figure 7: Distribution of Developers in Brazil 36
Figure 8: Developer Clusters by Region – 2022 37
Figure 9: Comparison of Developer Distribution by Region: 2018 and 2022 38
Figure 10: Games Produced in 2020 and 2021 46
Figure 11: Number of Games Developed by Platform: 2020 and 2021 47
Figure 12: Table Summarizing Game Development by Platform 48
Figure 13: Distribution of Entertainment Games 49
Figure 14: Distribution of Social Impact/Serious Games 49
Figure 15: External Development in 2020/2021 50
Figure 16: Growth in Developer Headcounts: 2014, 2018 and 2022 55
Figure 17: Estimated Number of Employees in Brazil’s Games Industry 55
Figure 18: Ratio between the Number of Partners and Employees 56
Figure 19: Employee x Field Ratio – Partner x Employee Breakdown 57
Figure 20: Ratio of Professionals by Area 59
Figure 21: Employment of Black, Indigenous, PwD, Neurodiverse and Trans People, Foreigners, Refu –
gees and/or People over 50 years old. 60
Figure 22: Overall Ratio of Workers by Gender 60
Figure 23: Ratio of Partners by Gender 61
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OVERVIEW

Figure 24: Ratio of Employees by Gender 61
Figure 25: Inclusion Policies 65
Figure 26: Most Used Engines 68
Figure 27: Most Used Software/Licenses 69
Figure 28: Most Used Services 70
Figure 29: Basic Conditions for Internationalization 72
Figure 30: Exposure to the International Market 73
Figure 31: Actions in Different Markets 74
Figure 32: Current Major Markets 75
Figure 33: Top Three Markets 75
Figure 34: Sales Planning for the Next Three Years 75
Figure 35: International Business 76
Figure 36: Revenues from Abroad 77
Figure 37: Game Developer Revenues in 2022 81
Image 38: Developer Revenues by Region 83
Figure 39: Monetization of Entertainment Games 84
Figure 40: Monetization of Social Impact/Serious Games 85
Figure 41: Main Revenue Source by Game Type 86
Figure 42: Intellectual Property Data 86
Figure 43: Private Funding Sources 88
Figure 44: Public Funding Sources 91
Figure 45: Use of Public Funding Sources 91
Figure 46: Associations/Collectives and Their Members 97
Figure 47: Interest in Blockchain, Cryptocurrencies and NFTs 110
Figure 48: Games Companies by Segment 114
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OVERVIEW

LIST OF TABLES
Table 1: Growth in the Number of Developers (2014, 2018 and 2022) 30
Table 2: Games Produced by Category: 2020 and 2021 46
Table 3: Types of External Development by Game Category 51
Table 4: Types of External Development by Art Services 51
Table 5: Headcounts and Developers 54
Table 6: Average Number of Partners and Employees by Developer (Formally Established and Not Yet
Formally Established) 57
Table 7: Employment System at Developers 58
Table 8: Ratio of Developer Partners by Gender 62
Table 9: Ratio of Developer Employees by Gender 63
Table 10: Diversity among Partners and Employees 63
Table 11: Developer Revenues in 2015, 2018 and 2021 80
LIST OF CHARTS
Chart 1: Regional Associations and Collectives 96
How to cite this Report
FORTIM, Ivelise; (Org). Brazil: Game Industry Report 2022. ABRAGAMES: São Paulo, 2022.
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OVERVIEW

1. INTRODUCTION

1. 1. About the Survey and structure of this Report
The Brazil: Game Industry Report 2022 was
commissioned by the Brazil Games Export Program,
a partnership between the Brazilian Game Com –
panies Association (Abragames) and the Brazilian
Trade and Investment Promotion Agency (ApexBra –
sil). This Survey was conducted by Homo Ludens In –
novation and Knowledge. Its purpose is to prepare
a comprehensive map showing the status of the
games ecosystem in Brazil in 2020 and 2021, spot –
lighting its companies and the outlook for their de –
velopment. Drawn up with mixed methods, it uses
the following strategies: mapping, questionnaire,
interviews, baseline data and literature review.
This Report is divided into five sections. The
first section (Chapters 1 and 2) contextualizes Brazil
as a local ecosystem, establishes its importance as
a market, describes the presence of multinationals
and outlines the history of Brazil’s games industry.
The second section (Chapters 3 to 12) analyzes
several aspects of developer profiles (structure, ac –
tivities, services, years of operation and geographi –
cal distribution) and their output (games developed
by type and platform, distribution, external devel –
opment, and awards), together with aspects such
as staffing (work areas, employment system and
diversity); technologies and services used (engines,
software and services); internationalization (access
to markets, maturity and internationalization lev –
els); financial overviews (industry and respondent
revenues, revenue by region, revenue sourc –
es and types of monetization and intellec –
tual property); and funding (private fund –
ing, public funding and public policies). This
section offers an overview of associations and col –
lectives (mapped associations and survey respon –
dents), and events (business, academic, regional
and the general public).
The third section (Chapters 13 to 15) ana –
lyzes the current situation and prospects for the
future: effects of the COVID-19 pandemic (re –
mote work and other impacts); technology and
market trends; and corporate challenges (access
to funding, talent attraction and retention, more
complex corporate structures, keener competi –
tion and the challenge of grabbing and holding
attention; taxation, administrative and regulatory
procedures).
The fourth section (Chapter 16) offers an over –
12
IntroductIon

view of the other two groups of respondents: game
development support firms and self-employed de –
velopers. The fifth section (Chapters 17 to 19) brings
the Report to an end, with closing remarks and a de –
scription of the survey method.
1. 2. The Game Industry
Games play important economic and social
roles in today’s society. Since the 1980s, their popu –
larity has been rising steadily in a wide variety of age
brackets, influencing behavior and grassroots cul –
ture: Cultural icons Mario and Pokémon have been
worldwide favorites for generations, as examples of
intellectual property assets launched in games and
popularized through other media. In parallel to their
entertainment value, the popularity of games has
paved the way for their use in supporting education,
healthcare, training and professional qualifications,
as well as promoting well-being. Games have also
become important vectors for socialization. An ex –
ample is the metaverse. By expanding their use out
to new frontiers, it turns games into interactive so –
cial platforms where gamers can engage with many
other cultural elements, such as concerts, fashion
shows, interactions with brands, etc. Innovations
ushered in by recent blockchain technologies, non –
fungible tokens (NFTs) and the use of cryptocur –
rencies also promise to open up new forms of game
monetization, such as Play-to-Earn (P2E) models
whereby gamers are compensated for their perfor –
mance.
The games industry now ranks second among
different types of entertainment worldwide, behind
only TV, and far outstripping movies and publishing
(STATISTA, 2022). An example: the highest-gross –
ing movie ever, Avatar has raked in USD 2.7 billion
since its release; in contrast, Grand Theft Auto V is
estimated to have earned USD 6 billion so far. Games
have long progressed from being kids’ stuff to part
of everyone’s daily life. Whether on cell phones,
tablets or PCs, three out of four Brazilians (more
precisely, 74.5% of the Brazilian population) play
games regularly (PESQUISA GAME BRASIL 2022).
Game production is also distinguished by the
ability to set up and expand companies, thus gener –
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IntroductIon

ating jobs and income. From major corporations like
Nintendo, Sony and Sega (Japan), Microsoft, Elec –
tronic Arts and Roblox (USA), and Tencent (China),
to established studios such as Ubisoft and Gameloft
(France), Rovio and Supercell (Finland), to unicorns
such as Dream Games (Turkiye) and Wildlife (Bra –
zil), game production is creating new businesses and
skilled jobs around the world. Furthermore, many
technological developments, including hardware
and software, graphic processors, wearables, Virtual
Reality (VR), Augmented Reality (AR) and Extend –
ed Reality (XR) technologies, and the metaverses
use games in their initial try-outs and test versions.
Consequently, games are also fostering technologi –
cal innovations that overflow into a wide variety of
economic sectors.
Within this context of constant technologi –
cal innovation, Brazilian studios have been note –
worthy for their output of high-quality games that
attract international attention. In 2017, Pernam –
buco-based Kokku began to provide artwork for
AAA games, particularly Horizon Zero Dawn . In
2019, São Paulo-based Wildlife became the first
Brazilian games unicorn, valued at USD 3 billion
in 2020. Also working in São Paulo, ARVORE re –
ceived the award for Best Immersive Experience at
the 2019 Venice Film Festival (a first for a Brazilian
production), followed by the Primetime Emmy for
Outstanding Innovation in 2020, awarded by the
Academy of Television Arts & Sciences. In 2021,
Brazil’s first game distributed by Netflix ( Dominoes
Café ) was developed by Gazeus in Rio de Janeiro.
Starting off on a high note, 2022 saw Aquiris –
based in Rio Grande do Sul State, that developed
games like Wonderbox and Horizon Chase – ab –
sorbing an investment from Epic Games, the
name behind Fortnite and the Unreal engine.
In Paraná State, Oktagon (the developer of
mobile games Armies & Ants and Dungeon
Battles ) was acquired by Fortis, a newly-cre –
ated US company and publisher which also ac –
quired another two international studios: Dop –
pio Games and Metagame. In Pernambuco State,
PUGA (which specializes in art production) was ac –
quired by the Room 8 Group. Rogue Snail launched
the first game exclusive to Netflix ( Relic Hunters:
Rebels ). Another launch was Giga Gloob – Globo’s
new app with 800 hours of content, mainly videos
and games for children).
According to the 2022 XDS Summit report,
game developers and publishers have become in –
creasingly aware, over the past two years, that Bra –
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IntroductIon

zil may be the most promising region for deliver –
ing this type of service. For US buyers ranking time
zones as important, Brazil’s predominant time zone
(GMT-3) may make it easier to do business.
1. 3. Brazil’s Games Industry Ecosystem
The games industry may be seen as a global
ecosystem, composed of several other overlapping
ecosystems, which might be demarcated by a dom –
inant company, geography, technology platform,
etc. In this sense, the Brazilian ecosystem is part
of the global ecosystem, with which it interacts in
global value chains, sharing general attributes, but
with local characteristics. It consists of: major stu –
dios (with or without an in-country presence); small
and medium developers; self-employed developers;
studios for external development (third party ser –
vices), specialized service providers (consultancy,
game localization, testing and quality control firms,
soundtrack producers, etc.); support companies
(publishers, distributors, etc.); educational insti –
tutions providing professional training; investors;
and business and professional associations. This
survey strives to offer an overview of this ecosys –
tem, with a particular focus on Brazilian game de –
velopers.
1. 4. Brazil as a Games Market
According to a Newzoo survey (2021), Brazil is
the largest games market in Latin America, ranking
twelfth worldwide by revenues. In 2021, the estimat –
ed revenues for this region reached USD 2.3 billion.
The mobile market is the main segment, accounting
for 47% of revenues, with PCs at 24%, and consoles
at 29%. With 94.7 million players, it ranks fifth by
online population.
According to Pesquisa Game Brasil 2022, 51%
of gamers over 16 years old are women and 49% are
men. Split into major age brackets, 56.8% of this
population is between 16 and 29 years old. The 30-
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IntroductIon

49 age bracket accounts for 36.6% of gamers. Final –
ly, the over-50s total 6.5% of Brazilian gamers.
In terms of racial diversity among gamers,
there are more self-declared White and mixed-race
people in this community, accounting for 46.6%
and 37.3%, respectively. Next, 12.1% of this com –
munity are Black, followed by self-declared Asian
(2.1%), 0.8% indigenous and 0.3% other ethnicities
(PESQUISA GAME BRASIL 2022).
Regarding the platforms they play on, smart –
phones represent up to 48.3% of their preferred
platforms. Games and games consoles account for
20%, and computers 15.5%. Laptops follow PCs with
7.8%, while smart TVs (3.2%), tablets (2.0%), porta –
ble consoles (2.6%) and others (0.7%) are less signif –
icant (PESQUISA GAME BRASIL 2022).
On the three main games platforms, the fol –
lowing gamer profile aspects are
noteworthy. For smartphones,
gamers are mainly wom –
en (60.4%); casual gamers
(70.7%) are between 20
and 24 years old (26.5%).
Console gamers consist
mainly of men (63.9%),
with 53.9% of them
self-rated as hardcore
gamers; they are between
20 and 24 years old (22.8%).
PC gamers consist mainly of
men (58.9%), and most (64.3%) self-
rate as hardcore gamers; they are between 20 and 24
years old (27.8%) (PESQUISA GAME BRASIL 2022).
1. 5. Multinationals in Brazil
Several multinational corporations in the
games ecosystem are operating in Brazil, including
Sony, Microsoft, Google, Tencent and Apple. Among
game developers and publishers, Riot, Ubisoft, Gare –
na, IGG and Blizzard, among others, have offices in
Brazil. At the moment, the country’s only interna –
tional development studio is Samsung.
Some multinationals run developer support
programs in Brazil, including Meta (Facebook Gam –
ing) and Google (Indie Games Accelerator, Change
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IntroductIon

the Game, among others). These partnerships are
important for local developers, although their pro –
grams often have a broader scope, including soft –
ware development and/or support for startups.
Another source of earnings is external devel –
opment through rendering outsourced services, es –
pecially for international developers and publish –
ers. According to the interviewed specialists, many
firms are started up by former employees of major
developers and publishers, with benefits for the
local ecosystem. Despite not being full-time em –
ployees of these major corporations, external de –
velopment allows Brazilian developers to learn the
processes for running very complex projects, which
would previously have been possible only through
companies established in Brazil, like Kokku. It is
clear that the participation of Brazilian companies
in global value chains was boosted during the im –
plementation of the Brazil Games Export Program,
with qualitative and quantitative improvements in
the services rendered.
Finally, with the expansion of international
remote work, many professionals began to work di –
rectly for companies in other countries. These pro –
fessionals are thus experiencing two simultaneous
realities: as employees of international companies,
in decentralized remote teams; and as residents
of Brazilian towns, connected to the local de –
veloper ecosystem.
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IntroductIon

2. HISTORY OF THE GAMES INDUSTRY IN
BRAZIL

The history of Brazil’s games industry may be
divided into five stages. They are based on techno –
logical advances and on industry maturity. The fol –
lowing overview is not intended to be exhaustive
and is certainly not able to cover everything, but at –
tempts to list some highlights of how Brazil’s game
production industry has firmed up over the years. It
was adapted from Zambon (2022).
2. 1. 1983 to 1992 – The Beginning: Brazilian Trail Blazers
The first known Brazilian commercial game
was Amazônia , a text adventure created by Rena –
to Degiovani and released in 1983. This game was
distributed in the MicroSistemas magazine with the
lines of code printed out for users to key in as they
played. In this initial phase of the industry, individ –
ual developers and small groups were part of a rich
community of game creators for MSX, ZX Spectrum
and Apple II, and later for PCs with MS-DOS, distrib –
uted through magazines, cassette tapes and floppy
disks. At that time, the market reserve policy im –
posed on Brazil by its military dictatorship (1964 to
1985) blocked legal imports of microcomputers and
games. This was an era of global console clones and
officially sanctioned software piracy, as there was
no way of importing or exporting games. Further –
more, game cartridges were smuggled in for cloned
consoles fabricated in the Manaus Free Trade Zone.
This first phase of the industry did not withstand
the successive economic plans and hyperinflation
of the 1980s and early 1990s.
„ Notable Games: Amazônia (TILT Online,
1983), Aeroporto 83 (TILT Online, 1983).
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HIstory of t He Games Industry I n BrazIl

2. 2. 1993 to 2001 – Professionalization: The CD-ROM Era
While the earliest games were developed
largely by individual developers, cooperation began
to emerge between development groups and com –
panies targeting the still-embryonic CD-ROM game
distribution market. In 1997, Southlogic’s Guimo
was Brazil’s first documented game to be distribut –
ed internationally by Airsoft in Germany. Outlive , by
Continuum, was the first Brazilian game distribut –
ed, in 2001, by a major publisher: Take-Two Interac –
tive. The first Brazilian publisher was Brasoft, which
began to license and distribute international games
from LucasArts and Sierra Entertainment in Brazil
in 1990. Sold to the Pi Editora publishing house in
1998, it was known for releasing games based on TV
Globo shows, such as Big Brother Brazil (2002) and
No Limite (2002).
S Notable Games: Enigma da Esfinge (44 Bico
Largo, 1996), Guimo (Southlogic Studios,
1997); Incidente em Varginha (Perceptum
Informática, 1998); Outlive (Continuum
Entertainment, 2000); Show do Milhão (SBT
Multimídia, 2000).
2. 3. 2002 to 2010 – Coordination: Brazil’s Game Industry
Gears Up
This phase was characterized by efforts to co –
ordinate Brazil’s game industry. In 2002, GameNet
– the Paraná State Entertainment Game Compa –
nies Network, organized the In2Game International
Computer Games Technology and Innovation Con –
ference, which was the first major get-together of
businesses in is industry. That same year, the Brazil –
ian Computer Sciences Society (SBC) organized the
Brazilian Workshop on Games and Entertainment
(WJogos). This event was designed for research –
ers, programmers and game developers focused on
computer science. In 2004, these merged into the
I Brazilian Games and Entertainment Symposium
(SBGames), which also launched the first Brazilian
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HIstory of t He Games Industry I n BrazIl

Indie Games Festival. Finally, 2004 also saw the es –
tablishment of Abragames, whose initial mapping
of this industry indicates that there were 55 games
companies in Brazil that year.
Going back to 2003, this was the first time that
games were specifically included on Brazil’s politi –
cal agenda, with this industry acknowledged by the
Ministry of Culture, under then-Minister Gilber –
to Gil. In 2004, the first public tender announce –
ment was issued specifically for the games indus –
try, called JogosBR . Another tender was announced
in 2005 and reissued in 2008 as BRGames . Among
the games available at that time, Trophy Hunter
2003 (released by Southlogic in 2002) was Brazil’s
first experience in creating a game on demand for
the foreign market, commissioned by Infogames
in the USA. As Internet access expanded steadily
during the first decade of the XXI century, games on
CD-ROMs remained expensive and hard to distrib –
ute. This led to a series of Brazilian games pursuing
online multiplayer experiences. The first Brazilian
MMO (Massively Multiplayer Online) on rEntendi.
ecord was Futsim , released by Jynx Playware in 2003.
The following year, a MMORPG (Massively Multi –
player Online Role-Playing Game) called Erinia was
released by Ignis Games. Another outstanding Bra –
zilian game in this genre was Taikodom , released by
Hoplon in 2008. 2009 saw the first acquisition of a
Brazilian studio by an international publisher when
Southlogic was acquired by Ubisoft. However, the
Ubisoft Brazil studio was to close after less than two
years in operation. During this decade, Brazil won
a Bronze Lion at Cannes for WeAther ,
designed by gamedev Fabiano Onça
for Greenpeace Brazil.
Brazil’s first undergraduate
courses in his field were set up
around this time: a Bachelor’s
Degree in Game Design at An –
hembi Morumbi (2003); a
Higher Education Program
in Games at Cruzeiro do Sul
(2005); and two Higher Ed –
ucation Programs in Games
Technology, one at the Pon –
tifical Catholic University
(PUC) in São Paulo (2006)
and the other one at the
Pontifical Catholic Univer –
sity (PUC) in Minas Gerais
(2006), to name just a few.
There was a boom in Brazil’s games devel –
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HIstory of t He Games Industry I n BrazIl

‹ Notable Games: Trophy Hunter 2003
(Southlogic Studios, 2002); Futsim (Jynx
Playware, 2003); Erinia (Ignis Games, 2004);
Taikodom (Hoplon, 2008).
2. 4. 2011 to 2017 – The Rise of
the Brazilian Gaming Ecosystem: Open Doors to a Global
Industry
During this decade, industry revenues doubled
in size. Together with the launch of smartphones,
the popularization of game development engines
(such as Unity), easier internet access for the pop –
ulation in general, the advent of game distribution
and the arrival of the first waves of qualified profes –
sionals in this field generated a new business sce –
nario in this industry. The indie upsurge paved the
way for the arrival of talented new game developers.
On the other hand, many ventures failed to survive,
either because their operations changed complete –
ly or simply because their feasibility dwindled, par –
ticularly in economic terms. However, during this
renewal, Brazil’s games industry finally saw the re –
moval of some of the barriers that had stopped the
domestic games industry from thriving at the global
opment for social (Orkut) and mobile platforms,
spurred by the appearance of the AppStore business
model, which made publishing games easier and
more transparent, as well as the use of Flash, which
was subsequently discontinued. Many small adver –
games were developed around this time.
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HIstory of t He Games Industry I n BrazIl

level. Games such as Knights of Pen and Paper by Be –
hold Studios, Oniken by Joymasher and Momodora
by Bombservice piggybacked on the rise of indies
and became international hits. Launched in 2007
with the iPhone, the App Store became a showcase
for companies that would become market leaders,
exploiting the growing and untapped mobile games
market, including Tapps Games, TFG (which would
later become Wildlife) and Fanatee. In 2011, the In –
stituto Socioambiental won third place in the Digi –
tal and Interactive category of the Ibero-American V
comKids – Prix Jeunesse Festival with Aldeia Virtual ,
a virtual village MMORPG developed by 8D Games.
As the industry structured its relationship
with the Brazilian Government, this decade also
opened with a landmark event: the I Workshop for
the Creation of Projects for the Development of a
Games Industry in Brazil. Organized by the Ministry
of Development, Industry, Foreign Trade and Ser –
vices (MDIC), it brought together the main stake –
holders in civil society, business, universities and
public policy to discuss the steps needed to devel –
op Brazil’s games industry. This event led to a 2011
call for bids from the Games Project Structuring
Fund (FEP), issued by Brazil’s National Social and
Economic Development Bank (BNDES), for the first
large-scale study mapping
this industry worldwide
and in Brazil, and
proposing public
policies for this
sector. Their re –
port was released
in 2014, includ –
ing the I Brazilian
Digital Games In –
dustry Census.
Also in 2012,
the first Brazil –
ian Independent
Games (BIG) Fes –
tival was held, which
became the main forum
for business and for network –
ing between the industry and the
Brazilian Government, with Working
Groups meeting regularly to discuss initiatives for
this industry. In 2013, this sector gained its own
Games Export Program with ApexBrasil. Since then,
it has engaged in projects at several international
events. The Brazilian Game Developers (BGD) Pro –
gram, later renamed Brazil Games Export Program,
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HIstory of t He Games Industry I n BrazIl

became the main gateway for local companies to
export their products.
z Notable Games: Knights of Pen and Paper +1
Edition (Behold, 2013); Dungeonland (Critical
Studio, 2013); Oniken (JoyMasher, 2014);
Toren (Swordtales, 2015); Starlit Adventures
(Rockhead, 2015); Momodora: Reverie Under
The Moonlight (Bombservice, 2016); Horizon
Chase (Aquiris, 2016).
2. 5. 2018 to today – Pandemic and Consolidation THE SKY’S
THE LIMIT
In 2018 the Ministry of Culture conducted the
II Brazilian Digital Games Industry Census, which
indicated growth in this industry, with 375 compa –
nies responding to their survey. Moreover, Wildlife
became a Brazilian unicorn, valued at USD 1.3 bil –
lion, after a 2019 investment of USD 60 million by
Benchmark, a US venture capital fund. That year, the
ARVORE virtual reality studio was awarded the first
Lion for a Brazilian production at the Venice Film
Festival. Two indie games – Dandara and Celeste –
were among the top ten games of the year according
to the Time Magazine, with the latter developed in
partnership with an international studio.
In 2020 and 2021, the COVID-19 pandemic
forced many changes in the games industry and
market, with game consumption soaring during
this period. With this boost, Wildlife was val –
ued at USD 3 billion by 2020. Another change is
the widespread adoption of remote work, with
some firms – such as Afterverse – already set up
in 100% remote environments. A PlayKids spin-
off (from the Movile Group), this company chart –
24
HIstory of t He Games Industry I n BrazIl

ed fifty million monthly active users within a year
with PK XD , a game available in eleven languages
and with a strong presence in Latin America, USA,
Middle East and Eastern Europe. PlayKids, which
also develops games, underpinned the Afterverse
expansion. Also in 2020, developer ARVORE won a
Primetime Emmy for Outstanding Innovation from
the Academy of Television Arts & Sciences for an
interactive short film. In 2021, Gazeus released the
first Brazilian game distributed by Netflix.
The current year (2022) is seeing a string of
major international acquisitions and partnerships.
Aquiris absorbed an investment from Epic Games,
signing an agreement to publish multiple multiplat –
form games that have yet not been announced. Based
in Londrina, Oktagon was acquired by Fortis, a mul –
tinational game developer recently established as
part of the Las Vegas Sands Resort and Casino Group.
In Pernambuco State, PUGA is in the process of be –
ing acquired by the Room 8 Group, a global leader
in external game development and art production.
An all-remote studio, Rogue Snail has Relic Hunters:
Rebels distributed exclusively by Netflix.
„ Notable Games: Dandara (Long Hat House,
2018); Celeste (Extremely OK Games/
MiniBoss, 2018); Wonderbox (Aquiris, 2021);
PK XD (Afterverse, 2020); Suspects (Wildlife,
2020); Relic Hunters: Rebels (2021).
2. 6. Timeline with the main highlights of Brazil’s Games
Industry
The following figure presents a timeline with the main highlights of Brazil’ s Games Industry.
25
HIstory of t He Games Industry I n BrazIl

Figure 1: History of Brazil’s Games Industry
Source: Brazil: Game Industry Report 2022
26
HIstory of t He Games Industry I n BrazIl

3. STATE OF THE INDUSTRY

3. 1. Number of Studios
The purpose of this study is to provide an ac –
curate overview (as far as possible) of Brazil’s games
industry. For this purpose, a database of 2,200 con –
tacts was built and checked to confirm their opera –
tions. However, ensuring flawless accuracy is prac –
tically impossible for several reasons. The main
explanation is that Brazil does not have a specific
Economic Activities Classification (CNAE) for game
development. Although CNAE Category Nº 3240-
0/01 – “Manufacturing Games” addresses this field
in broad terms, it is not exclusive to game devel –
opment. Consequently, this segment gets mixed up
with other activities, including building and renting
arcades, selling and renting games, among others.
When querying this CNAE, 47 firms were listed,
of which only eleven were game developers. This
CNAE is rarely used by developers, which often pre –
fer CNAE Nº 6201-5/01 – Custom Software Devel –
opment; Nº 6202-3/00 – Custom Software Devel –
opment and Licensing; Nº 6204-0/00 – Information
Technology Consulting; Nº 6209-1/00 – Technical
Support, Maintenance and Other Information Tech –
nology Services; or other CNAE numbers covering
Audiovisual Production.
Other problems encountered when measur –
ing this sector include games that are still live
and generate revenue even though its com –
pany no longer exists; individual developers
who have registered companies with Corpo –
rate Tax (CNPJ) numbers; and studios that
are not yet officially established, but pro –
duce games; etc.
A ‘Game Developer’ was defined as a
company or business with one person or more
performing one or more of the following pro –
cedures: a) developing games for smartphones,
tablets and computers, the web, Virtual Reality
(VR), Augmented Reality (AR), social networks
or consoles, both for profit and not for profit, as
a primary or secondary activity; b) developing
entire games or rendering game development
services to clients or partners. They may also
engage in other activities. Individual develop –
ers were not included in these figures.
Developers complying with at least one of
the following criteria were mapped as active: a)
belonging to a specific regional games association/
collective; b) completing the survey questionnaire;
28

c) having active corporate websites and/or social
media channels in 2020/2021; d) releasing games
in 2020/2021; e) having live games and revenue ac –
cording to AppMagic; f ) having an active Corporate
Tax (CNPJ) number and a main CNAE number that’s
compatible with developing games; g) talking over
the phone to confirm receipt of the survey; h) updat –
ing a game in 2020/2021; i) registering with Google
and specifying the company’s business hours. Based
on these criteria, 1,009 games development studios
were mapped in Brazil.
Figure 2: Estimated number of studios in Brazil’s games industry

In this survey, 223 companies answered the
questionnaire. These studios represent 22.1% of all
studios mapped in Brazil. As this sample is rated as
representative, one can estimate that the studios
that completed the questionnaire represent this in –
dustry, with the exception of the two largest com –
panies. Since not all companies answered all ques –
tions, the number of responses may vary for each
question.
29
state of t He Industry

3. 2. Industry Growth
The I and II Brazilian Digital Games Indus –
try Census (conducted in 2014 (FLEURY, NAKANO
AND SAKUDA, 2014) and 2018 ( SAKUDA AND FOR –
TIM, 2018), respectively), were very important for
mapping this sector. As the method used was cen –
sus-based, it did not include data on developers that
didn’t complete the survey. In this survey, the anal –
ysis of developers that were active in 2022 supple –
ments responses from developers. It is thus possible
to infer studio growth from the dataset of all three
surveys. The data collected in each survey is shown
in boldface , with the projected figures in italics :
Table 1: Growth in the Number of Developers (2014, 2018 and 2022)
Source: Brazil: Game Industry Report 2022
30
state of t He Industry

3. 3. Activities Performed
In addition to game development, companies
engaged in other activities. From the 218 responses
on the types of activities performed by developers,
it was clear that the main task centers on gamifi –
cation, with 32% of companies claiming to render
this kind of service. The second type of activity is
artwork services, reported by 28% of the companies.
Finally, activities such as: software development
and information technology services, publishing
and digital content production ranked third among
developers, at 25% each. In contrast, retail projects
are uncommon among developers, mentioned in
only 1% of responses. Research, game localization
and quality control are also less usual, with each ac –
counting for 4% of the total responses.
The estimate is that the number of developers
grew by about 150% between 2014 and 2018, rising
by about 102% between 2018 and 2022.
Figure 3: Growth in the Number of Developers (2014, 2018 and 2022)
Source: Brazil: Game Industry Report 2022
31
state of t He Industry

Figure 4: Types of Activities Performed by Developers
Source: Brazil: Game Industry Report 2022 218 respondents (multiple choice)

3. 4. Services Provided
Among the companies, 56% rendered services
to third parties in 2020 and 2021. The volume of
external development increased across all service
types during these two years, as shown in the fol –
lowing Figure, which presents details of the types of
services outsourced by companies and their chang –
es during 2020 and 2021.
Figure 5: External Development: 2020 and 2021
Source: Brazil: Game Industry Report 2022 76 respondents (multiple choice)

In 2020, the type of service that was most wide –
ly outsourced among developers was game design,
with 30% of responses, followed by prototyping and
software development services, with 25%. In 2021,
the most outsourced service type was prototyp –
ing, with 49% of responses, followed by game de –
sign (42%) and app design and gamification (28%).
In contrast, the least outsourced type of service in
2020 was game localization, where no developer re –
ported engagement, followed by quality assurance
(3%) and soundtrack and live ops (4%). In 2021, the
least performed activities were game localization
and live ops, with only 5% of total responses, fol –
lowed by quality control at 9%.
3. 5. Time in Operation
Regarding duration of their operations, about
a third have been in operation for two to five years,
and another third between five and ten years. A
small proportion (10%) of young companies set up
less than two years previously was noted, well be –
low the figure we see in the 2018 census, when they
accounted for 37% of the respondents. This shows
that firms are becoming longer-lived.
Figure 6: Developers’ Time in Operation
Source: Brazil: Game Industry Report 2022 223 respondents
34

4. STUDIOS AND THEIR LOCATION

4. 1. Map showing the distribution of studios in Brazil
The following Figure shows the distribution
of 762 developers in Brazil. It is important to note
that it was not possible to ascertain the location of
247 companies. The locations of the others were es –
timated from data available on company websites,
social media channels and/or other sources.
The States with the highest concentration of
developers are: São Paulo (280 companies); Rio de
Janeiro (89); Rio Grande do Sul (58); Santa Catarina
(52); Minas Gerais (51); and Paraná (49), showing a
cluster of developers in South and Southeast Bra –
zil. In contrast, the States with the lowest concen –
trations are: Acre and Amapá, both with no game
developers; and Rondônia, Roraima and Tocantins,
with only one company each.
Figure 7: Distribution of Developers in Brazil
Source: Brazil: Game Industry Report 2022
4. 2. Map Showing Developer Distribution by Region
Among the developers whose locations were
identified, most (85%) are formally established
companies, with 58% in operation for more than
five years.
This distribution reflects aspects that are im –
portant for the development of the games industry,
such as courses in game development, computer
sciences and the arts (and markets for these profes –
sionals); technological infrastructure; other players
in this ecosystem; and the relationship between the
36
stud Ios and tH eIr locat Ion

public sector and the games industry. Game devel –
opers face common challenges shared with other
technology-dense and creativity-intensive busi –
nesses, especially in their early stages.
In 2022, of the 762 developers analyzed, 57%
are clustered in Southeast Brazil, 21% in the South,
14% in the Northeast, 6% in the Midwest and 3% in
the North. This analysis thus indicates that more
than half of Brazil’s developers are still clustered
only in the Southeast.
It is important to note that, although no direct
comparisons may be drawn between the data (as
these samples were not collected in the same way),
developer distribution by region remains similar in
2018 and 2022. There is a heavy predominance of
the Southeast, followed by the South, Northeast,
Midwest, and finally, the North region, where the
games industry presence is sparse.
Figure 8: Developer Clusters by Region – 2022
Source: Brazil: Game Industry Report 2022 762 developers It was not possible to ascertain the location of 247 companies
37
stud Ios and tH eIr locat Ion

4. 3. Major Brazilian Developers
The criterion used to identify the ten largest
Brazilian developers consisted of comparing their
headcounts on their LinkedIn pages on May 21,
2022. Despite discrepancies between the number of
people on this social network and the actual and/
or declared headcounts – as there are professionals
not on LinkedIn and/or who do not post their af –
filiations, as well as outdated professional profiles
– this is a source of information that is sufficiently
representative.
Figure 9: Comparison of Developer Distribution by Region: 2018 and 2022
Source: Brazil: Game Industry Report 2022 762 developers in 2022 and 276 developers in 2018
38
stud Ios and tH eIr locat Ion

Based on this approach, the largest developers
are: Wildlife, Afterverse, Aquiris, Fanatee, PUGA,
Sioux, Kokku, Gazeus. Pipa and Tapps. The diversity
of these companies clearly illustrates the diversity
of possible routes and approaches in Brazil’s games
industry.
4. 3. 1. Wildlife
Wildlife Studios was set up in 2011 as Top
Free Games, developing games for the embryon –
ic mobile market. It developed its first self-fund –
ed game – Penguin Race – which reached 100,000
downloads a day, ranking second worldwide at that
time. In 2012, it launched Bike Race , which reached
the 100 million player mark in twelve months and
won the Best Game of the Year Award from Apple
(2012) and Facebook (2013). Using mobile segment
growth as a springboard, Wildlife launched a string
of successful games and established its status as the
leading studio in Brazil. Its portfolio includes games
such as Sniper3D and Color by Number (2013), Col –
orfy (2015), Castle Crush and War Machines (2016),
War Heroes (2017), Zooba and Tennis Clash (2019),
and Suspects (2020). With revenue and bottom line
growth of 70% a year since it was first established,
100 million active users a month and over two bil –
lion downloads, it gained ample visibility when ab –
sorbing a USD 60 million investment in 2019, head –
ed up by Benchmark Capital and with stakes held
by Bessemer Venture Partners (which has been in –
vesting in this studio since 2012). In the investment
round, its market value was estimated at USD 1.3
billion. In 2020, it received another injection of USD
120 million from Vulcan Capital, with its value up –
dated to USD 3 billion. It has over 1100 employees
across five sites: São Paulo (Brazil), Palo Alto and
Orange County (USA), Dublin (Ireland) and Buenos
Aires (Argentina). In 2021, it started to open inde –
pendent associate studios, with four locations: Nev –
er Forget Games (San Francisco, USA); SuperWOW
Games (Austin, USA and Melbourne, Australia) and
Foxbeat Games (Los Angeles, USA and Sweden).
4. 3. 2. Afterverse
Afterverse is a studio established in 2021 as
part of the Movile Group, which grew out of its
PlayKids children’s content platform. In 2019, still
as a PlayKids initiative, the Crafty Lands game was
developed, whose rapid success encouraged the de –
velopment of a second game in the metaverse, PK
XD , designed for children and pre-teens. In 2020,
the Afterverse brand was created; eager acceptance
39
stud Ios and tH eIr locat Ion

of these two games prompted the Movile Group to
endow the developer group with independent status
as a separate company.
Fueled by social isolation requirements, After –
verse’s game growth speeded up: by 2020 the number
of monthly active users jumped from twenty million
to fifty million in fourteen countries, making good
use of PlayKids’ international coverage. The compa –
ny piggybacks on the success of its games in relat –
ed businesses: in 2021, it announced a partnership
with Tycoon 360, a brand licensing company, and in
2022, it launched an apparel collection with Brazil’s
Riachuelo retail chain, featuring the PK XD charac –
ters. The game will also be upgraded with character
skins of the famous L.O.L. Surprise! dolls, in part –
nership with MGA Entertainment. In 2021, Movile
absorbed a BRL 1 billion (about USD 200 million)
investment from the Prosus Group, from The Neth –
erlands, and will use some of this funding to drive
Afterverse’s growth.
4. 3. 3. Aquiris
Set up in 2007 Aquiris has developed great
games for Cartoon Network, such as CN Superstar
Soccer and The Great Prank War , as well as original
titles like the FPS Ballistic Overkill . Its main games
are Horizon Chase World Tour, Horizon Chase Turbo,
Looney Tunes : World of Mayhem and Wonderbox. In
the course of its growth, it has also produced casual
games, educational games and advergames.
The company was one of the pioneers in reach –
ing commercial agreements with industry leaders.
Unity used Aquiris as a case in a period when en –
gines were consolidating in the world market which
helped project the studio’s quality internationally;
Apple chose Aquiris as one of the companies to de –
but its Apple Arcade (2019); Scopely (USA) published
Looney Tunes: World of Mayhem; and iDreamSky
(with Tencent as a partner) licensed Horizon Chase
for the Chinese market.
Aquiris was also a pioneer in several aspects of
funding for Brazilian game companies: it was one
of the first to accept a venture capital investment
(from CRP, in 2014), it was also the first Brazilian
game company to be allocated funding from the
ProCult Culture Fund (BNDES, 2016) and an invest –
ment from Epic Games (2022), and it was listed by
the Financial Times in 2020 as one of the 500 fastest
growing companies in the Americas.
4. 3. 4. Fanatee
Fanatee was established in late 2013 with the
40
stud Ios and tH eIr locat Ion

release of The Missing Link , which used social me –
dia contacts (Facebook) as the basis for this game.
However, it was Letter Zap (or Letroca in some coun –
tries), released in 2015, that brought this studio suc –
cess. With four word games in its portfolio – Cody –
Cross, Stop Categories, World Lanes and Letter Zap
– translated into eleven languages, Fanatee now has
around 200 employees and over 150 million down –
loads of its games.
4. 3. 5. PUGA
Set up in 2013, PUGA Studios in Recife has
been working with outside development since 2017.
It has expanded greatly in the last two years, up from
30 to 140 employees. Its clients include internation –
al companies like Future Play, Gearbox, Jam City,
Kwalee, Lion Castle, Socialpoint and Superplay, as
well as Brazilian firms like Aquiris, Flux, Manifesto,
Oktagon and Webcore. It is in the process of being
acquired by Room 8, which specializes in external
development and has over 1,340 people distributed
across its locations in Canada, Japan, Poland, Roma –
nia, Spain, Ukraine, the UK and the USA with three
brands: Room 8 Studio, Dragon’s Lake and Massive
Black.
4. 3. 6. Sioux
Sioux is a group of companies that started out
as a digital agency set up in 2001. It was a pioneer
in the advergames segment. Its portfolio includes
games like EcoCity (2011), Brincando com Palavras
(2016) and Overjump (2017). Sioux won awards for
best game ( Brasil Game Show, 2011) and
best advergame. It received the International Award
in 2008 and 2010 from the Brincando na Rede ed –
ucational portal. It digitized board games for the
Grow and Estrela toy manufacturers and developed
more than a hundred games for advertising and ed –
ucational purposes in 2020 and 2021.
The Sioux Group also works with three other
non-developers related to the games universe: Go
Gamers, Ludos Pro and PGB. Go Gamers is a gam –
ification consulting firm that runs trainings and
workshops, conducts research and creates content.
Ludos Pro offers a gamified platform that uses elec –
tronic and mechanical game techniques to engage,
teach and boost productivity. Pesquisa Game Brasil
is the benchmark of game consumer profiles and be –
haviors on major platforms including consoles, PCs
and smartphones in Brazil.
41
stud Ios and tH eIr locat Ion

4. 3. 7. Kokku
Set up in 2011, Kokku is a co-developer that
specializes in providing services that include CoDev,
FullDev and 3D Art Production for Mobile, Consoles,
VR and PC. In 2018, it received investments from
the Anjos do Brasil startup investor network and the
Studies and Projects Funding Agency (FINEP).
Its recent clients include Activision and Tre –
yArch, the companies behind Call of Duty Black Ops :
Cold War (2020); Guerrilla Games, the Sony studio
that created Horizon Zero Dawn (2017) and Horizon
Forbidden West (2022); CI Games, which owns the
Sniper Ghost Warrior franchise ( SGW 3 , 2017; SGW
Contracts , 2019; SGW Contracts 2 , 2021) and other
well-known names in the entertainment industry,
such as Warner Bros, working on the creation of
Wonder Woman : The Themyscira Experience (2020);
and Netflix, for which it developed Stranger Things :
Starcourt Mall (2021).
The Kokku staff includes international indus –
try veterans who have worked for major studios such
as Microsoft, CAPCOM, Tencent, SEGA and THQ
among others, with forty employees in Recife and
its Metropolitan Region, and more than fifty staffers
scattered throughout Brazil and in other countries.
4. 3. 8. Gazeus
Set up in 2006 in Rio de Janeiro, Gazeus Games
is a developer and publisher of casual games. With
the idea of creating a game in a social network, this
producer launched the Buraco Jogatina card game for
the web, followed by Truco, Tranca and Domino . In
2012, it began to develop versions for smartphones
and tablets, and in 2014, it launched Mahjong – its
first title with global distribution. In 2017, it was one
of the first to be selected by Facebook to work with
its new Instant Games platform.
In 2019, it opened an office in Montreal, Can –
ada. It was acknowledged by Great Place To Work
in 2020. In 2021, it recorded 19% growth and joined
the Top 100 most downloaded global game apps. It
was also invited to place Dominoes Café on Netflix.
In sixteen years, it has topped ten million us –
ers. Inspired by classic card, domino and dice games,
it developed more than fifty games for Android and
iOS, and seven for the internet. Furthermore, it
owns jogatina.com and thesocialpoker.com , and has
developed games for other platforms.
4. 3. 9. Pipa
Pipa Studios was set up in 2012 and launched
its most successful game that year: Praia Bingo , ini –
42
stud Ios and tH eIr locat Ion

tially on a social network (Facebook), and then for
mobile on Android and iOS. Pipa offers three games:
the long running Praia Bingo, Bingo Bloon (2018) and
Bingo Rex (2020). Praia Bingo is a leader in its genre
in Brazil, Mexico, Spain, Italy and France.
4. 3. 10. Tapps
Tapps was set up in 2010, initially as a software
developer for tablets. The following year, it started
developing mobile apps, including games. In 2012,
Tapps released its first hit: Number Link , followed
by My Boo the subsequent year. With these success –
es, this studio specialized in casual games, building
up a portfolio of more than 400 games, with more
than 840 million downloads: in addition to the
above-mentioned, games in various genres – Vlog –
ger Go Viral, Cow Evolution, Dino Quest , etc. – are
part of the Tapps portfolio. In 2017, it diversified its
operations by setting up Tapps Ventures, a business
incubation platform that has ‘hatched’ the follow –
ing companies so far: Venturion (2017), for virtual
reality projects; Hyperbox (2018), which operates
virtual reality kiosks; Teamupp (2019), an organiza –
tional climate consulting firm; and SPSX (2020), a
portal offering experiences in the city of São Paulo.
43
stud Ios and tH eIr locat Ion

5. GAMES PROFILE

This Chapter outlines the profile of game pro –
duction based on respondents’ data: number of
games, types of games developed, games developed
by platform, distribution, external development,
and awards.
5. 1. Number of Games
Studios responding to this survey developed
509 proprietary games in 2020 and 643 in 2021, with
a total of 1,152 titles. Of the total 223 companies
in the sample, 58% produced a proprietary game
during this two-year period. Added to those devel –
oped for third parties, the number is 715 games in
2020 and 901 games in 2021, for a total output of
1,616 games in 2020 and 2021.
5. 2. Types of Games Developed
Games may be categorized by purpose: enter –
tainment, education, healthcare, training, adverga –
mes, simulators using specific hardware and others.
The number of games in each category is not neces –
sarily comparable to that of any other category, and
even in the same category, a more complex game
may require much heavier financial and time in –
vestments than several less complex games.
Taking this constraint into consideration, the
increase in the number of games produced in
the same category by the same developers
during a specific two-year period may indi –
cate either an uptrend or downtrend in activi –
ties for that category, because it is unlikely that
a developer radically changes its profile and perfor –
mance from one year to the next. Regarding propri –
etary games, a 26.3% increase was noted in the total
number of games developed.
45
Games ProfIle

Table 2: Games Produced by Category: 2020 and 2021
Source: Brazil: Game Industry Report 2022
Figure 10: Games Produced in 2020 and 2021
Source: Brazil: Game Industry Report 2022
In 2020, about 509 games were developed.
Among them, the main categories were entertain –
ment (about 36% of responses), followed by educa –
tion (35%) and corporate training (15%).
In 2021, 643 proprietary games were devel –
oped. Although the categories remained the same,
there were changes in the output distribution, with
entertainment accounting for 44% of total respons –
es (up 8% over the previous year); education (26%)
dropped 9% compared to 2020; and corporate train –
ing (16%) performed similarly to 2020.
Entertainment games were the most numer –
ous (40.5%), followed by educational games (30.1%)
and corporate training games (15.4%). Advergames
(7.5%), simulators using specific hardware (2%) and
healthcare-related games (0.3%) were mentioned
the least.
46
Games ProfIle

5. 3. Game Development by Platform
Regarding the distribution of game develop –
ment by platform, it is clear the data are very similar
for 2020 and 2021. In both years, the main game de –
velopment platform consisted of smartphones and
tablets, accounting for 37% of responses in 2020
and 39% in 2021; followed by PCs, at 19% in 2020
and 21% in 2021; and, finally, games for internet
browsers, with 15% of responses in 2020 and 12% in
2021. The platforms with the fewest responses are:
Digital TV, with no responses in 2020 and only 1% in
2021; and social networks, with only 1% of respons –
es in 2020 and none in 2021.
Brazil has been producing more games for
smartphones and computers. Although these are
the predominant platforms, the production of con –
sole games is noteworthy, increasing considerably
(5% in 2018 to 17% in 2021). Two console games are
particularly successful: Dandara (Long Hat House)
and Horizon Chase Turbo (Aquiris). Cross-platform
development is becoming increasingly common,
with many studios developing a single game for sev –
eral platforms.
This table summarizes game development by
platform. Based on responses from 157 develop –
ers covering 2020 and 2021, it is clear that 38% of
games are developed for smartphones and tablets,
20% for PCs, 17% for consoles, 13% for the internet,
9% for virtual reality/augmented reality, 2% for oth –
er platforms and 0.4% for social networks.
Figure 11: Number of Games Developed by Platform: 2020 and 2021
Source: Brazil: Game Industry Report 2022
47
Games ProfIle

5. 4. Distribution
Looking at entertainment, 193 developers list –
ed the main forms of distribution for this category.
It is important to note that developers were allowed
to pick more than one option.
The main distribution routes for entertain –
ment games were digital download platforms/stores
(Steam, Nuuvem, itch.io and others), accounting for
54% of responses, and mobile app platforms/stores
(Play Store, App Store, among others), at about 52%.
The least common means of distribution are retail
– brick-and-mortar stores, streaming and other
channels, with 3% each, and hardware embedding,
accounting for 1% of responses.
The main distribution routes for social impact/
serious games were distribution to private custom –
ers, accounting for 26% of responses, distribution
to the government (12%) and distribution through
their own channel (18%). The least common means
of distribution is by subscription portals, with 1%.
Figure 12: Table Summarizing Game Development by Platform
Source: Brazil: Game Industry Report 2022 157 respondents
48
Games ProfIle

Figure 13: Distribution of Entertainment Games
Source: Brazil: Game Industry Report 2022 193 respondents (multiple choice)
Distribution of Social Impact/Serious Games
Source: Brazil: Game Industry Report 2022 137 respondents (multiple choice)

5. 5. External Development
In 2020 and 2021, the total number of external
development projects reported by the 76 respon –
dents was 994 projects, with 337 in 2020 and 657 in
2021, up 95%.
The following table presents data on exter –
nal development in 2020 and 2021. Of the 217 re –
sponding developers, about 96 companies (44% of
the total), reported that they did not render services
to third parties during this period, in contrast to re –
sponses from the other 121 companies (56%), which
said they rendered this type of service.
Some 72 developers responded for all types of
external development performed by types of games
developed (list presented in the following figure) in
2020 and 2021. A total of 364 games were developed
during this period, in the following main catego –
ries: educational games (30% of the total develop –
ment work); advergames (26%); and entertainment
games (21%).
These categories also equate to the main types
of external development performed: education –
al games (33% in 2020 and 28% in 2021 of all out –
sourced services); entire advergames (29% in 2020
and 23% in 2021); and entertainment games (18%
in 2020 and 23% in 2021).
Finally, the least outsourced services were en –
tire healthcare-related games (1% of the totals in
2020 and 2021); and entire simulators using specific
hardware (2% in 2020 and 3% in 2021).
Figure 15: External Development in 2020/2021
Source: Brazil: Game Industry Report 2022 217 respondents
50
Games ProfIle

Table 3: Types of External Development by Game Category
Source: Brazil: Game Industry Report 2022 72 respondents (multiple choice)
Types of External Development by Art Services
Source: Brazil: Game Industry Report 2022 72 respondents (multiple choice)
848 art services. The top outsourced services in
2020 were: Art – Illustration (27% of the total), Art
– Full project development (15%) and 3D Art (14%).
In 2021, the main services were: 2D Art (20%), up
8% compared to the previous year; Art – Illustra –
tion (19%), down 8%; and 3D Art which continued at
14%. The least outsourced service type in both 2020
and 2021 is Technical Arts, at 4% and 5% respective –
ly, of the total for each year.
51
Games ProfIle

5. 6. Awards
Among the responding companies, 34% have
won Brazilian or international awards during their
existence. Awards allow developers to accumulate
prestige, attracting audiences and building up in –
vestor interest and renown among end consumers.
The main awards that developers mentioned
as relevant are those from BIG Festival, Brasil
Game Show, Sebrae Nacional and SBGames. Oth –
er non-specific honors are also mentioned, such as
comKids, the ADVBRS/APEXBRASIL Export Award
and Inovativa Brasil.
International awards include those received at
the following events: Casual Connect, Game Con –
nection America Global Top Round, PAX East and
West, Square Enix Latin American Contest, Kid –
screen Awards, EGW, GDC Play, Primetime Emmy for
Outstanding Innovation, Google Play, Ibero-Ameri –
can comKids Prix Jeunesse Festival, Japan Media
Arts Festival, Game Gathering Conference, Epic
MegaGrants and Raindance Festival, among others.
Awards for game development marathons,
such as Game Jam +, Indie Game Jam and Facebook
Game Jam, are also mentioned.
52
Games ProfIle

6. HUMAN RESOURCES AND DIVERSITY

This Chapter estimates the number of people
working at the developers and describes the work –
force profile, based on the survey responses: ratio
between partners and employees, employment sys –
tem, distribution by company area, and diversity.
6. 1. Estimated Developer Headcounts and Growth
The estimated total number of studios and the
headcount data for the studios responding to the
I (FLEURY, SAKUDA AND CORDEIRO, 2014) and II
Brazilian Digital Games Industry Censuses (SAKU –
DA AND FORTIM, 2018) and this survey indicated
the following:
Table 5: Headcounts and Developers
Source: Brazil: Game Industry Report 2022
54
Human resources and dI versIt y

Growth in developer headcounts outstrips
growth in the number of developers, as the staff
employed by formally established responding de –
velopers rose from 8.5 people at each developer in
2014 to 11.1 people in 2018 and 14.0 people at each
developer in 2022. This upsurge reflects rising vol –
umes and increased complexity in developer out –
put. Moreover, the shrinking proportion of respond –
ing developers not yet formally set up also points to
greater corporate maturity.
Figure 17: Estimated Number of Employees in Brazil’s Games
Industry
Figure 16: Growth in Developer Headcounts: 2014, 2018 and 2022
Source: Brazil: Game Industry Report 2022
55
Human resources and dI versIt y

Although the major developers are far larg –
er than average (the Wildlife LinkedIn profile had
1,122 active employees on May 18, 2022, with 817
living in Brazil), while some of the majors did not
respond to the survey, this effect may be considered
to be offset by the volume of small developers with
fewer than average employees among the respond –
ing developers. Thus, 12,441 people are estimated
to be working at Brazilian game developers.
6. 2. Ratio between Partners and Employees
This question had 194 respondents. The to –
tal distribution between partners and employees is
29% partners and 71% employees. This figure in –
dicates an uptick compared to the 2018 II Census,
where partners accounted for 36.2% and 63.8% were
employees. This ratio reflects an uptrend in the av –
erage firm size.
In the II Census, this question had 258 respon –
dents. The total distribution between partners and
employees was 36.2% partners and 63.8% employ –
ees. This drop in the partner/employee ratio reflects
an increase in the average size of developers.
Figure 18: Ratio between the Number of Partners and Employees
Source: Brazil: Game Industry Report 2022 223 respondents (out of 2392 people)

Figure 19: Employee x Field Ratio – Partner x Employee Breakdown
Source: Brazil: Game Industry Report 2022 223 respondents (out of 2392 people)
Average Number of Partners and Employees by Developer (Formally
Established and Not Yet Formally Established)
Source: Brazil: Game Industry Report 2022 198 respondents (multiple choice)
than non-partners among developers that are not
yet formally established, which is natural for new
businesses.
6. 3. Employment System
The main employment system is external de –
velopment. In the 2018 Census, 35% of employees
were outsourced, 28% were hired in compliance
with Brazil’s Consolidated Labor Laws (CLT) and
57
Human resources and dI versIt y

18% had no formal links whatsoever. The number
of developers not yet formally established dropped
from 18% to 5%.
The transformations ushered in by the pan –
demic during 2020 and 2021 have clearly been
maintained. It is striking that the main employment
system is remote, especially among external devel –
opment workers. Many professionals hired under
CLT contracts are also working remotely (23%) or on
hybrid schedules (46%). Although to a lesser extent
than their employees, partners are also working re –
motely (16%). The number of workers hired under
CLT contracts remained stable, but many are work –
ing remotely.
The type of employment system has changed
considerably in terms of the presence of employees
in the development studios. Companies are con –
sidered to have answered this question for 2022, as
the pandemic constraints have already been lift –
ed. It is possible that these transformations will be
long-lasting, particularly as many developers were
already working remotely before the pandemic, and
many IT professionals prefer to work from home.
Table 7: Employment System at Developers
Source: Brazil: Game Industry Report 2022 223 respondents
58
Human resources and dI versIt y

6. 4. Professional Distribution by Area
Looking at professional distribution at devel –
opers, 37% of respondents are clustered in art and
design; 31% in coding and project management;
13% in administration and finance; 11% in other ar –
eas of the business; and 8% in marketing and sales.
Figure 20: Ratio of Professionals by Area
Source: Brazil: Game Industry Report 2022 223 respondents (out of 2392 people)

6. 5. Workforce Diversity
Regarding workforce diversity, 57% of com –
panies report that they employ Black, Indigenous,
PwD, neurodiverse and trans people, as well as for –
eigners, refugees and people over 50 years old.
6. 5. 1. Gender
According to the survey, men predominate at
developers as both partners and employees, at about
68.7% of the respondents. Despite this, the number
of women in the industry has been gradually grow –
ing: up from 15% in 2014 to 20% in 2018 and 29.8%
in the 2022 survey. In the 2014 and 2018 surveys, no
data were collected on non-binary employees; they
currently reach 1.5%.
Along the same lines of the previous Figure,
men still account for a majority (76.8%) of the part –
ners in the responding companies; 22.7% are wom –
en; and 0.4% are non-binary.
Figure 21: Employment of Black, Indigenous, PwD, Neurodiverse and Trans People, Foreigners,
Refugees and/or People over 50 years old.
Source: Brazil: Game Industry Report 2022 196 respondents
Figure 22: Overall Ratio of Workers by Gender
Source: Brazil: Game Industry Report 2022 223 respondents
60
Human resources and dI versIt y

Figure 23: Ratio of Partners by Gender
Source: Brazil: Game Industry Report 2022 223 respondents (out of 2392 people)
Ratio of Employees by Gender
Source: Brazil: Game Industry Report 2022 223 respondents (out of 1688 people)
The gender ratio of partners by area shows that
the number of men is not exceeded by the numbers
of women and non-binary people in any of the ar –
eas. Moreover, the presence of men is higher in cod –
ing and project management (191 employees) and
lower in marketing and sales (40 employees).
The area with the highest number of women
and non-binary people is art and design (also with a
higher number of partners), where 55 are women and
two are non-binary, equivalent to 24.6% and 0.86%
respectively of the total number of employees. The
second area with the highest number of women is
administration and finance, with 45 employees; for
non-binary employees, coding and project manage –
ment ranks second, with one employee.
The area with the lowest number of women is
other areas and businesses, which comprises about
11 employees. Furthermore, there are no non-bi –
nary employees in administration and finance, nor
marketing and sales or other areas of the business.
61
Human resources and dI versIt y

Table 8: Ratio of Developer Partners by Gender
Source: Brazil: Game Industry Report 2022 223 respondents (out of 704 people)
Regarding the gender ratios of employees by
area, it may be noted that men outnumber wom –
en and non-binary people in most areas. Further –
more, most men are clustered in coding and project
management (430 employees), and art and design
(426 employees), in contrast to marketing and sales,
which has the fewest men (69 employees).
Most (47%) female employees are clustered in
art and design, as well as coding and project man –
agement (15%); they account for 14% in adminis –
tration and finance. Marketing and sales has fewer
women, with 11% of the employees.
Regarding the presence of non-binary em –
ployees at developers, it may be noted that all areas
have representatives – in contrast with the non-bi –
nary partner ratio – but they are still very few. The
highest concentration is in art and design, with 18
non-binary employees; however, in the other areas,
this figure does not reach a full decimal point. The
smallest number is in administration and finance,
with only one representative, and two in marketing
and sales.
62
Human resources and dI versIt y

Table 9: Ratio of Developer Employees by Gender
Source: Brazil: Game Industry Report 2022 223 respondents (out of 1688 people)
Diversity among Partners and Employees
Source: Brazil: Game Industry Report 2022 196 respondents and a total of 111 people
6. 5. 2. Diversity
Diversity data were provided by 196 companies.
There are very few Black and even fewer In –
digenous people employed at the developers. The
Indigenous population is still a minority in these
workplaces: the 196 responding companies report –
ed only ten Indigeous professionals, with 209 Black
people, reflecting the hurdles faced by Indigenous
people in this field. Of these ten, three are male
partners, five are male employees, one is a female
employee and one is a non-binary employee. Fur –
thermore, there is no data on Indigenous female
partners and non-binary partners.
Despite its increasing presence, the Black pop –
ulation still struggles to conquer more space in de –
velopers. There are currently 46 male partners, ten
female partners, 104 male employees, 45 female
employees and four non-binary employees at the
196 companies, with no data on non-binary part –
ners. Based on this data, it is clear that the presence
63
Human resources and dI versIt y

of Black people, even if minor, attains significance
only for men, while women and black non-binary
people are minorities at developers.
The presence of neurodiverse people and peo –
ple with disabilities is sparse: in the 196 developers,
there are about ten people living with disabilities
and 37 neurodiverse people. Among the people with
disabilities, two are male partners, five are male
employees and three are female employees. There
are no female partners, non-binary partners and
non-binary employees. Regarding the data on neu –
rodiverse people, twelve are male partners, seven
are female partners, ten are male employees, seven
are female employees and one is a non-binary em –
ployee. There are no data on non-binary partners.
It may be noted that, besides the low numbers of
neurodiverse people and people with disabilities,
their presence becomes even lower among women
and non-binary people. The presence of trans peo –
ple and people over fifty years of age is also low:
there are only 34 trans people and 22 people over
fifty years old at the 196 developers.
Data on the presence of trans people show
that four are female partners, two are non-binary
partners, eight are male employees, seven are fe –
male employees and thirteen are non-binary em –
ployees, with no data on male trans partners. Un –
like previous data about other minorities, the trans
population at developers includes more women and
non-binary people.
For employees over the age of 50, twelve are
male partners, seven are male employees, three are
female employees and there are no data on female
partners, non-binary partners or non-binary em –
ployees. This shows that there is a predominance of
men in this group.
For employees over the age of 50, twelve are
male partners, seven are male employees, three are
female employees, and there are no data on female
partners, non-binary partners or non-binary em –
ployees. This shows that there is a predominance of
men in this group.
Still on the subject of the diversity among em –
ployees, there are about seven foreigners at the 196
responding companies, of whom only one is a male
partner, two are male employees and four are female
employees. Furthermore, it may be noted from the
data that there is only one refugee, who is a male
employee. Among the categories presented so far,
these were the least included among developers.
On the topic of diversity, developers were
asked whether they have inclusion policies, and if
64
Human resources and dI versIt y

Among the inclusion policies implemented by
the 195 companies, 16% are aimed at women, 12%
at Black people, 11% at LGBTQI+ people, 8% at trans
people, 5% at PwD, 4% at Indigenous people, 3% at
the neurodiverse and people over 50, 2% at refugees
and 1% at foreigners.
It may be noted that, although the inclusion
policy percentages for women and Black people are
close, about 712 women work at the responding
developers, while there are only 209 Black people.
Furthermore, 8% of the companies report imple –
menting policies for trans people – the fourth-high –
est percentage among the actions taken – but there
are only seven trans people at all 196 companies.
so, which groups they
target. Among the 195
respondents, 54% re –
ported they have no
specific corporate
policies, and 28% ex –
plained that policies
are in the development
stage. In other words,
about 82% of the com –
panies do not currently
have inclusion poli –
cies, with a clear link
between the low em –
ployee diversity rates
and few public policies
encouraging the inclu –
sion of minorities in
developers.
Figure 25: Inclusion Policies
Source: Brazil: Game Industry Report 2022 195 respondents (multiple choice)

A comparison with data from the II Census is not
possible for this item, due to differences in methods
and questions.
Regarding inclusion policies, while 54% of the
responding developers stated that they do not have
specific policies, 28% stated that policies are in the
planning stage. This figure shows that the manage –
ment of a specific policy is already on the agenda
of almost half the developers, with policies either
implemented or being planned. Existing policies
(multiple choice) are for women (16%), Black people
(12%), LGTBQI+ people (11%), trans people (8%),
PwD (5%), Indigenous people (4%), neurodiverse
people (3%), people over 50 (3%), refugees (2%) and
foreigners (1%).
It is worth mentioning that there are sever –
al actions to bring these types of people into this
industry, in addition to in-house policies, in which
companies and professionals participate, such as
game jams (Women Game Jam, We Game Jam, Sam –
pa Diversa, Game Jam das Minas) and the Abrag –
ames Diversity Council, which awards Diversity
Seals (race, gender, LGBTQIA+ and PwD) to Abrag –
ames members with employees in these categories.
There is also records of studios that were designed
and are run by Black people (Sue The Real, Game e
Arte) and trans people (SunBlack and Pixel Punk),
in addition to games with diversity and inclusion
themes.
66
Human resources and dI versIt y

7. TECHNOLOGIES AND SERVICES

7. 1. Most Used Engines
The developers were asked to answer a mul –
tiple-choice question about which engines and
specific game development programs are used the
most. Of the 200 respondents, about 83% use the
Unity engine, while 23% use Unreal, followed by
Blender (13%) and Construct (11%). 7% of develop –
ers use proprietary technologies for development.
Figure 26: Most Used Engines
Source: Brazil: Game Industry Report 2022 200 respondents (multiple choice)

7. 2. Software and Licenses
Several types of development software are
used by the 200 developers, particularly the Adobe
Creative package that offers applications for sever –
al purposes, and is used by 80% of the respondents.
Blender is used by 56% for rendering, followed by
image processing and production tools (Substance,
ZBrush and Maya). The least used software among
developers is Affinity Photo and XSI, both with just
1% among respondents.
Figure 27: Most Used Software/Licenses
Source: Brazil: Game Industry Report 2022 200 respondents (multiple choice)

7. 3. Services Used
Responding developers use a variety of ser –
vices, with Analytics services outstanding at 43% of
the respondents, followed by accounting advisory
services (39%), Cloud Services (32%) and legal advi –
sory services (30%). In contrast, the least used ser –
vices are Big Data and Security, each at 3% among
the respondents.
Figure 28: Most Used Services
Source: Brazil: Game Industry Report 2022 200 respondents (multiple choice)

8. CORPORATE INTERNATIONALIZATION
71
corP orate InternatI onalIzatI on

8. 1. Conditions for Internationalization and International
Exposure
Digital products like games may be offered
and sold in different markets simultaneously, mak –
ing good use of global distribution platforms. Even
companies with few resources, such as micro, small
and medium-sized enterprises (MSMEs), can take ad –
vantage of this because of their access to production
technologies and the ease with which they can learn
about the features of successful products for the in –
ternational market. Moreover, small size, agility and
flexibility are innate traits of MSMEs, making it eas –
ier for them to adapt to other markets. These factors
are apparent in the findings: although 18% of the re –
spondents have no activities or contacts for interna –
tionalization, 57% have international users and 48%
have already provided services to foreign clients.
Most respondents meet some basic conditions,
such as multilingual staff (84%) and foreign lan –
guage resources for internationalization (68%).
Figure 29: Basic Conditions for Internationalization
Source: Brazil: Game Industry Report 2022
72
corP orate InternatI onalIzatI on

8. 2. Target Markets
Developers (198 respondents) were asked
about their main performances, perceptions and
strategies for the following markets: Brazil, Latin
America, USA, Canada, Western Europe, Eastern Eu –
rope, Japan, China, Portuguese-speaking countries
and other countries. Currently, most companies sell
their products in Brazil (78%), the USA (55%) and
Latin America (53%). Penetration in Asia, particu –
larly China, is the lowest among the markets, sug –
gesting that adaptation is more complex and com –
petition keener in more remote cultural contexts.
For example, for a game to establish a solid foothold
on the Chinese market, it needs to be published in
about fifty different stores, as distribution is not as
centralized as in the West.
However, international market exposure, such
as attending international events and business
rounds, is pursued by only half the companies, and
only 22% were exhibitors. 39% of the developers at –
tend international events as listeners, 33% take part
in business rounds, 17% are exhibitors at interna –
tional business events and 13% join trade missions
abroad. The support of the Brazil Games Export
Program has been an important facilitator for this
exposure, offering access to events the size of GDC
and making the BIG Festival the main business plat –
form of its kind in Latin America.
Figure 30: Exposure to the International Market
Source: Brazil: Game Industry Report 2022 196 respondents (multiple choice)

Three questions complement each other:
whether you operate in this market, whether this
market is a major one now and whether it is one of
your intended markets for the next three years.
Figure 31: Actions in Different Markets
Source: Brazil: Game Industry Report 2022
74
corP orate InternatI onalIzatI on

Figure 32: Current Major Markets
Source: Brazil: Game Industry Report 2022 198 respondents (multiple choice)
Top Three Markets
Source: Brazil: Game Industry Report 2022 198 respondents (multiple choice)
Sales Planning for the Next Three Years
Source: Brazil: Game Industry Report 2022 198 respondents (multiple choice)
markets are currently: USA (55%), Latin America
(53%), and Western Europe and Canada (49% each).
In contrast, only 24% of companies rate China as a
major market.
Among the most sought-after international
markets for the next three years, China and Latin
America stand out, both accounting for 38% of the
respondents’ interest.
75
corP orate InternatI onalIzatI on

8. 3. Exporting Maturity
International deals were initially closed by
major conglomerates, which sought out foreign
funding and markets, following a learning and risk
reduction route that began by selling products and
services and then setting up units abroad. Since the
1990s, MSME internationalization (often right from
the start) has become more frequent, through what
are known as International New Ventures or Born
Globals. As games may be sold through global plat –
forms and development services can be delivered
remotely, most respondents (57%) have foreign cus –
tomers – either game users or contracting compa –
nies. If an international presence is considered in
the traditional way, with full-time staff and resourc –
es, 12% have representatives and 9% have a proper –
ly established company abroad, while 2% have their
own offices and another 2% have development fa –
cilities abroad.
Figure 35: International Business
Source: Brazil: Game Industry Report 2022
76
corP orate InternatI onalIzatI on

8. 4. Revenues from Abroad
Regarding the contribution of revenues from
abroad, 31% of the developers had no foreign rev –
enues, while accounting for more than 70% of their
income for 35% of them. This split may be related to
the production of serious games, which are domes –
tic for many customers, while entertainment games
are distributed by global platforms and stores.
Figure 36: Revenues from Abroad
Source: Brazil: Game Industry Report 2022
77
corP orate InternatI onalIzatI on

9. FINANCIAL OVERVIEW

9. 1. Overall Industry Revenue
The first step for estimating industry revenues
was to survey the revenue of developers and pub –
lishers with games among the 500 most profitable
apps provided by the AppMagic platform in 2015,
2018 and 2021 ([A] Revenue in USD of Brazilian de –
velopers with games among the top 500 apps).
For these years, the number of Brazilian com –
panies in the ranking was 74, 78 and 77, respectively.
As the estimated revenues for the respective year of
the lowest-ranked company in all three cases were
under USD 35, we decided to use the sum of the
revenues of these companies as the revenue of the
mobile games industry. Although there is a long-tail
effect in app stores, this cut-off represents almost
the entire revenue.
The revenues of the first two Brazilian de –
velopers in the ranking ([B] Top2 MobileBR) were
separated from the revenues of the rest of the de –
velopers. The blockbuster effect is quite clear, dis –
proportionately concentrating revenues among the
top-ranked developers: the top two reached respec –
tively 82.9%, 94.7% and 91.1% of the revenues of
all ranking participants, especially the leader in all
three years (Wildlife). Although there are import –
ant developers in other segments, there is a cluster
of larger businesses in the smartphone and tablet
games segment, as illustrated in the survey of major
Brazilian developers by headcounts.
The revenues of other developers in the rank –
ing were consequently added together ([C] Mo –
bile revenues without Top2 MobileBR), so that
[A]=[B]+[C]. This amount was used as a parameter
to calculate revenues for other segments. As the
industry is already very internationalized and its
structure follows global trends, Newzoo’s estimate
of the share of smartphone and tablet game reve –
nues over total game revenues was used to calculate
[D] Revenues from other sectors.
[E] Total game revenues in USD were calculat –
ed from [A] Revenues in USD of Brazilian developers
with games in the top 500 apps + [D] Revenues from
other sectors.
A 30% discount in [E] Total game revenues in
USD was used to calculate the overall revenues of
Brazilian developers ([F] General revenues in USD),
as app stores and game platforms withhold com –
missions on sales. Although this commission var –
ies, depending on the game’s revenues – the first
79
fInanc Ial o vervI ew

9. 2. Revenues of Responding Companies
The first bracket is the MEI (individual micro –
entrepreneur) revenue ceiling: Up to BRL 81,000.
Next come brackets corresponding to company
revenues established by Brazil’s simplified mi –
cro-enterprise taxation system: BRL 81,001 – BRL
130,000; BRL 130,001 – BRL 180,000; BRL 180,001
– BRL 360,000; BRL 360,001 – BRL 720,000; BRL
720,001 – BRL 1.8 million; BRL 1.81 million – BRL
3.6 million; and BRL 3.61 million – BRL 4.8 million.
The following revenue brackets were added: BRL 4.8
million – BRL 16 million; BRL 16 million – BRL 30
million; and above BRL 30 million.
million dollars of revenue currently pays 15% com –
mission in the Apple and Google stores – and some
stores charge less than 30% (example: Epic, 18%),
the standard commissions for Apple, Google, Steam
and GOG remain at 30%. This model does not con –
sider these differences and other emerging revenue
models, such as subscriptions. For calculating [G]
General revenue in BRL, the average daily commer –
cial dollar foreign exchange rate was used for each
year.
Consequently, growth for 2015 – 2021 was
336% (USD) and 604% (BRL). The Compound Annu –
al Growth Rate for 2015 – 2021 was 27.8% in USD,
and 38.5% in BRL.
Table 11: Developer Revenues in 2015, 2018 and 2021
Source: Brazil: Game Industry Report 2022 198 respondents (multiple choice)

The 2022 profile
is very similar to the
2014 and 2018 surveys,
but growth may be
noted in some brack –
ets. In 2014, the low –
est bracket (up to BRL
240,000) accounted for
74%. The 2018 survey
showed 71% for up to
BRL 360,000; with 62%
for the BRL 81,001 –
BRL 130,000 bracket;
9% for the BRL 130,001
– BRL 180,000 bracket;
and 9.9% for the BRL
180,001 – BRL 360,000
bracket. The 2022 survey showed 53% for the up to
BRL 360,000; 39% for the BRL 81,001 – BRL 130,000
bracket; 5% for the BRL 130,001 – BRL 180,000
bracket; and 12% for the BRL 180,001 – BRL 360,000
bracket.
Thus, although revenues remain below BRL
360,000 for most developers, this percentage
dropped from 71% to 53% among the respondents.
Although inflation was not negligible during this
period, it is reasonable to assume that these varia –
tions are related more to developer maturation and
high exposure to international markets, triggering
revenue increases in BRL, as the value of the Brazil –
ian Real fell against other currencies.
Revenue figures are rated as sensitive by many
respondents, who do not always complete this
question or answer it accurately. To understand
the growth of more mature companies during this
Figure 37: Game Developer Revenues in 2022
Source: Brazil: Game Industry Report 2022 189 respondents
81
fInanc Ial o vervI ew

period, we used data from the AppMagic platform,
focused on games for mobile devices. In 2015, it
identified twelve Brazilian developers with games
among the top 500 apps with sales topping USD
100,000, three with sales over USD 1 million and one
with sales above USD 5 million. In 2018, it identified
fifteen Brazilian developers with games among the
top 500 apps with sales topping USD 100,000, five
with sales above USD 1 million and two with sales
above USD 5 million. In 2021, it identified seventeen
Brazilian developers with games among the top 500
apps with sales topping USD 100,000, five with sales
above USD 1 million and three with sales above USD
5 million.
These data show that more developers are
achieving higher revenue levels, even in dollar
terms, and that the industry is progressing in both
quantitative and qualitative terms.
9. 3. Revenues by Region
Regardless of size, there is a cluster of com –
panies in the Southeast region. The Midwest region
has only micro and small companies, while the South
and Northeast regions have medium-sized compa –
nies. In addition to grouping the largest number of
companies, the Southeast is also the region where
the largest businesses are located.
Detailed data on the location and size of the
companies are presented below. The Southeast
is the only region with large companies (three of
them). One has revenues of BRL 16.1 million – BRL
30 million and two have revenues of BRL 30.1 mil –
lion – BRL 90 million. Although most companies in
the Southeast are generally medium-sized and par –
ticularly small, this is also the region with the largest
number of developers. In the North region, only two
small developers responded to the survey. However,
this region includes two major corporations: Sam –
sung and DXWorks. The Midwest has only low-rev –
enue developers, but with more companies than the
North (eighteen in total).
In parallel to this general data, it is interesting to
note the growth of developers in the South and North –
east. Despite having several small companies and no
large ones, they have three medium-sized companies,
two in the Northeast and one in the South.
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9. 4. Revenue and Monetization
Of the 190 companies developing entertain –
ment games, 39% had only a single source of rev –
enue in 2021. Revenues came mainly from game
sales, both direct (30%) and through platforms
(54%), as well as from private orders (25%) to pub –
lic and private companies. Advertising and in-game
purchases were each a source of revenue for near –
ly a quarter of the companies. Data monetization
(1%), in-game tournaments (1%) and trial periods/
paywalls (2%) were infrequent. Some emerging
sources of revenues – such as NFTs (5%) and Game
Pass (3%) – have already been mentioned, with their
shares likely to increase.
Image 38: Developer Revenues by Region
Source: Brazil: Game Industry Report 2022
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Of the 208 responding companies, 22% report
that most of their revenue sources for social im –
pact/serious games consist of sales through online
platforms/stores, followed by 13% from direct sales
and 11% from private purchases. The least frequent
types of revenue sources are: sponsored content,
Game Pass catalogs; and trials/paywalls, together
accounting for only 1% of developer responses.
Figure 39: Monetization of Entertainment Games
Source: Brazil: Game Industry Report 2022 190 respondents (multiple choice)

9. 5. Main Revenue Source by Game Type
While developers commonly work with more
than one type of game, indications of their main
sources of revenue reflect the focus of their opera –
tions. Among the respondents, the main sources of
revenues are entertainment games (76%), followed
by educational games (12%), advergames (6%),
games for corporate training (4%) and simulators
using specific hardware (1%).
Figure 40: Monetization of Social Impact/Serious Games
Source: Brazil: Game Industry Report 2022 208 respondents (multiple choice)

9. 6. Intellectual Property
Regarding intellectual property, among the
213 developers, 93% of respondents reported devel –
oping their own Intellectual Property (IP), 18% of
respondents license IP from other companies and
17% take part in transmedia projects (books, com –
ics, in-game concerts, movies, etc.).
More than half (59%) of the respondents use
only their own IP, and 13% license it to third parties.
Figure 41: Main Revenue Source by Game Type
Source: Brazil: Game Industry Report 2022 127 respondents
Figure 42: Intellectual Property Data
Source: Brazil: Game Industry Report 2022 213 respondents
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10. FUNDING

10. 1. Private Funding
The primary private source of funding, re –
ported by 208 respondents is from founders, family,
friends and other individuals, with half of the de –
velopers stating that they use this type of funding,
followed by 16% using international publishers and
11% using private game announcements and calls
for proposals. It is important to note that 28% of re –
spondents reported not using any private sources.
Figure 43: Private Funding Sources
Source: Brazil: Game Industry Report 2022 208 respondents (multiple choice)
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Mentioned private calls and announcements
include: the Jogos Novos call issued by Magalu; the
Rumos Itaú Cultural Program run by the Itaú bank;
the Telefonica Foundation’s Pense Grande Program;
and the Unilever Women’s Entrepreneurship Award
– Diamonds.
The international accelerator most mentioned
by Brazilian developers was Game Founders, fol –
lowed by mentions of the Black Founders Fund, the
Indie Games Accelerator (IGA) (Google), ELEVATE
2020: GDC Relief Fund Accelerator and Boost VC.
The Brazilian accelerators mentioned were Inova
Bossa Nova, AmazonCap and Samsung Ocean.
The developers used crowdfunding from Kick –
starter, Catarse and juntos.com.vc.
Most of the angel investors come from São
Paulo State, with mentions of other Brazilian States,
as well as countries (USA) and continents (Europe).
Among the Brazilian cities mentioned are São Pau –
lo and Campinas (both in São Paulo State), Rio de
Janeiro (Rio de Janeiro State), Natal (Rio Grande do
Norte State), Salvador (Bahia State), Pelotas (Rio
Grande do Sul State) and Timóteo (Minas Gerais
State). Cities mentioned elsewhere in the world in –
clude Brisbane and Sydney (both in Australia) and
Tallahassee (USA). Two examples that were men –
tioned are Garan Ventures and Raja Valley.
International publishers that have released
Brazilian games include bitComposer (Germany),
WhisperGames (China), Akupara Games (USA),
Gamemill (USA), Humble Games (USA), Megacat
Studios (USA), Modus Games/Maximum Games
(USA), Scopely (USA) Skystone Games (USA), tiny –
Build (USA), Plug In Digital (France), Bandai Nam –
co (Japan), Dangen Entertainment (Japan), Qubic –
Games (Poland), By Aliens (Portugal), 1C Publishing
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(Russia), Paradox Interactive (Sweden), Raw Fury
(Sweden) and Starbreeze (Sweden). Although not
so numerous, Brazilian publishers that were men –
tioned include Bee Legacy, DX Gameworks and Mag –
alu. Another mentioned source consisted of console
platform exclusivity contracts.
Among venture capital sources, VCs based in
the USA and The Netherlands were also mentioned
as well as Brazil-based VC firms.
Benchmark Capital led a USD 60 million invest –
ment in Wildlife in December 2019, making this de –
veloper an official unicorn valued at USD 1.3 billion,
joined by GE32 Capital, Human Capital, Bessemer
Venture Partners and Base Partners. In August 2020,
Vulcan Capital led a USD 120 million contribution
that upped its valuation to USD 3 billion, joined by
Human Capital. Epic Games’ CVC (Corporate Ven –
ture Capital arm) contributed to Aquiris (which had
CRP as an investor).
Although developers are small, 8% of the re –
spondents reported the completion of some kind of
merger or acquisition procedure, when one company
fully acquires the other or where two or more com –
panies merge, in both cases resulting in a single larg –
er company. Although qualitatively important, this
type of event is always minor in quantitative terms.
Highlights among the more notable transactions in
2022 are the acquisition by Fortis of Oktagon in Pa –
rana State (which had VC from Confrapar) and the
ongoing acquisition of PUGA in Pernambuco State.
10. 2. Government Funding
Public sources may be classified by area (spe –
cific to games or covering broader areas like cul –
ture, technology and others) and by government
tier (federal, state or local). The survey of sources
recalled by developers provides important comple –
mentary data on available sources and funds raised.
When asked about sources of public funding
already used by the 205 respondents, 31% said they
used government calls for proposals for games, 22%
used them for audiovisual materials and 14% used
them in other areas. It is interesting to note that
slightly more than half of the developers have not
used any public sources.
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While more than half of the respondents did
not use public funding (53%), almost a third (28%)
used more than one source.
Figure 44: Public Funding Sources
Source: Brazil: Game Industry Report 2022 205 respondents (multiple choice)
Use of Public Funding Sources
Source: Brazil: Game Industry Report 2022
In relation to specific resources for games, the
most mentioned (33 times) line of credit through
calls for proposals is offered through the Brazilian
Audiovisual Development Support Program (PRO –
DAV), with funds from the Audiovisual Sector Fund
(FSA), administered by Brazil’s National Cinema
Regulator (ANCINE) and the Far South Regional De –
velopment Bank (BRDE).
The Ministry of Culture was also mentioned in
policies implemented at the time of its existence as
a Ministry, such as BRGames (two) and JogosBR, as
well as calls for proposals issued by the Audiovisu –
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al Bureau (SAv). As a bureau under the Ministry of
Tourism, the Aldir Blanc Cultural Incentive Act was
mentioned by two companies. For tax incentives,
the Audiovisual Act was mentioned.
Among the Science, Technology and Inno –
vation agencies, mentions were noted of FINEP,
as well as the State Research Foundations system:
São Paulo State Research Support Foundation
(FAPESP); Pernambuco State Research Support
Foundation (FACEPE); Rio de Janeiro State Research
Support Foundation (FAPERJ); and Espírito Santo
State Research Support Foundation (FAPES). Men –
tion was also made of a call for proposals issued by
the Economic, Scientific, Technological and Innova –
tion Development Fund (FUNDECI), administered
by the Banco do Nordeste bank. The listed incuba –
tors were linked to the University of Brasília (UnB)
with two mentions, the Software Excellence Center
(Núcleo Softex) at Campinas, the Santa Maria Fed –
eral University (UFSM) and the Miditec incubator
(ACATE-Sebrae in Santa Catarina State).
Managed by Bozano Investimentos, the Cri –
atec II fund invested in a developer. Several Gov –
ernment banks are stakeholders – BNDES, Banco
do Nordeste (BNB), Banco de Desenvolvimento de
Minas Gerais (BDMG), Banco de Brasília (BRB) and
Badesul Desenvolvimento – and the administrator.
Two examples of funding channeled to serious
games – INOVApps, from the then Ministry of Com –
munications; and the Sebrae Game Contest run by the
National Department of Brazil’s Small Business Bu –
reau (Sebrae Nacional) – were each mentioned twice.
At the State level, São Paulo stands out with
eleven, especially its Cultural Action Program
(ProAC), mentioned by ten developers. Other State
Culture Bureau policies that were mentioned in –
clude: Federal District – twice; Rio Grande do Sul
State – twice, one mentioning the Procultura ini –
tiative; Rio de Janeiro; Maranhão; Mato Grosso (MT
Criativo); and Santa Catarina (Santa Catarina Cine –
ma Call for Proposals). The Federal District Tourism
Bureau was the only mention of a department out –
side the culture/technology fields.
At the municipal level, São Paulo stands out,
with the Spcine development initiative mentioned
by seven developers. Other Municipal Governments
mentioned were Belo Horizonte with the BH nas Tel –
as local cinema initiative (Minas Gerais State), Flo –
rianópolis (Santa Catarina State), Natal (Rio Grande
do Norte State), Nova Hamburgo (Rio Grande do Sul
State) and the Games Hub in São José dos Campos
(São Paulo State).
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10. 3. Public Policies
Federal actions promoting the games sector
in Brazil are at one of the lowest-ever levels since
the first Government call for games proposals was
issued in 2004. Among support programs for this
industry, the only initiative that remains is the in –
ternationalization drive run by ApexBrasil, with the
Brazil Games Export Program (run in partnership
with Abragames) moving into its sixth two-year cy –
cle.
In terms of directly promoting game produc –
tion at the national level, ANCINE discontinued the
PRODAV 14 line of credit launched in 2016 and 2017.
Although funds were approved for a new call, AN –
CINE canceled this budget allocation from 2019 on –
wards, and has not issued any new announcements
since then. After the last call for proposals in 2018,
no new lines of funding were launched for this sec –
tor by the Ministry of Culture, which became a Spe –
cial Bureau under the Ministry of Citizenship, and
subsequently under the Ministry of Tourism.
Among the lines of credit offered by the BNDES,
the ProCult line that underpinned the games sector
shut down in 2017; the operations of its replace –
ment – BNDES Direct 10 – were suspended in 2019.
No new BNDES programs have been announced for
this sector, and no studios have been selected under
the BNDES Garage startup development pro –
gram.
The FINEP Startups Program that
supported the games sector within the cre –
ative economy area since 2017 suppressed
this category, starting in 2020. No other
FINEP actions have been announced for this sector,
and no games research and development projects
were funded through to April 2022. This was when
the 2022 3 rd Edition of the FINEP Space Accelera –
tion Program was launched, encompassing games in
its Theme 9: Creative Industry (innovations in the
fields of architecture, design, engineering, creation
and distribution of online content, electronic me –
dia, games and digital/social platforms).
The National and Regional offices of Sebrae
have several initiatives that support developers.
In addition to services common to other micro and
small enterprises, such as business training, it also
shares programs with a technological and/or cre –
ative slant. In Rio Grande do Sul State, Sebrae-RS
is the regional office with the longest history of
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support for this sector, through the Sebrae Glob –
al Games Project, run in partnership with the Rio
Grande do Sul State Game Developers Association
(ADJogosRS). Other actions are related to more
novice entrepreneurs, aligned with the situation of
the local ecosystems, including Sebrae-MT (Lev –
el Up Program, 2021), Sebrae-CE (2021 Games In –
dustry Development Training Program in Ceará, in
partnership with the City of Fortaleza), Sebrae-MA
(workshop cycle, seminar and mentoring, 2019) and
Sebrae-AL (calls for proposals offering grants for
the creative economy sector with FAPEAL in 2020
and a Games Overview in Alagoas State ( FORTIM, –
SAKUDA, SANTOS, 2021).
Since 2019, the main programs buttressing the
games sector have been State-led. In Rio Grande do
Sul State, the GameRS Program was launched in July
2020, coordinated by the Innovation, Science and
Technology Bureau (SICT) and run in partnership
with three Bureaus: Economic Development (SE –
DEC), Education (SEDUC) and Culture (SEDAC). In
São Paulo, the ProAC Cultural Action Program has
offered annual lines of credit to this sector since
2019, in addition to announcing the State GameSP
investment program for this sector in 2021. During
this period, several States – including Maranhão
and the Federal District – added this sector to their
in-place development programs.
At the municipal level, the actions of the
Spcine initiative in São Paulo are particular –
ly noteworthy, launching programs to pro –
mote this sector since 2016 and funding the
first exclusive game development incubation
program through the Seed Money 2020 CfP.
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11. ASSOCIATIONS AND COLLECTIVES

11. 1. Mapped Associations
This issue is relevant for examining the in –
stitutional organization of these companies in the
ecosystem, highlighting entities that voice the de –
mands of this sector in the public arena. Fifteen
regional collectives and associations were mapped.
Regional entities include formally established as –
sociations (ADJogosRS, GAMinG and Ascende) and
developer collectives (other entities) that represent
this sector.
Chart 1: Regional Associations and Collectives
Source: Brazil: Game Industry Report 2022
11. 2. Responding Associations
Among the collectives, Abragames stands out
for the size of its membership, which is nationwide
(with 32% of its members among the respondents),
the ADJogosRS association in Rio Grande do Sul
State (14%) and the RING collective in Rio de Ja –
neiro (6%). About 30% of the respondents are not
members of any entity.
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It is worth mentioning the presence of four
new regional entities: APGames in Paraíba State;
Índigo in Goiás State; Jogos SP in São Paulo State;
and PiauIndie in Piauí State, all aimed exclusive –
ly at game developers and not mentioned in the II
Census. In 2022, fourteen of Brazil’s 27 States have
regional entities.
Moreover, there are developers belonging to
the Brazilian Music and Arts Association (ABRA –
MUS); Brazilian Extended Reality Association
(XRBR); Santacine; Xsolla Club; Brazil Audiovisual
Independent (BRAVI); International Games Indus –
try Platform (GDBay); Santa Catarina Technology
Association (ACATE); and Science Fiction and Fan –
tasy Writers of America (SFWA).
Figure 46: Associations/Collectives and Their Members
Source: Brazil: Game Industry Report 2022 198 respondents (multiple choice)

11. 3. Overview of Regional Associations
Brazilian regional associations and collec –
tives were queried in Maranhão State, Goiás, Minas
Gerais, Rio Grande do Sul and São Paulo States, as
well as and the Federal District.
When assessing the local ecosystem, the lead –
ers pointed out a moment of greater consolidation
and maturity. This is the case in Brasília, which for –
mally established its association, or Maranhão State,
where a new collective is building up its membership
and strengthening links with Government agencies.
A slowdown in ecosystem activities has been noted
in Goiás State during the past few years, with scat –
tered initiatives. However, the situation is improv –
ing as actions resume with the return of in-person
events. In Minas Gerais State, the ecosystem still
clearly consists mainly of small companies with
up to five employees; Rio Grande do Sul State has
a more diverse ecosystem, with more experienced
and consolidated companies coexisting with small –
er start-up studios and engaging in cooperative ac –
tions. São Paulo showed that – despite the presence
of several experienced companies at advanced levels
of maturity – links with other creative sectors (such
as cinema and music) are still incipient, particularly
with the public sector. However, the first steps have
clearly been taken during the past few years, to set
up a local association coordinating all these efforts.
Among the main difficulties identified as com –
mon to local ecosystems, the limited availability of
investments and business expertise was particularly
notable in Maranhão State, where few studios work
full-time on developing games, far away from major
hubs and with limited access to Brazilian and inter –
national events. In the Federal District, the issue
of business management training was also pointed
out, in addition to the lack of entry-level jobs for
beginners. The Goiás State collective underscored
the lack of community cohesion and weak support
from government agencies. The Minas Gerais State
Association mentioned the lack of possible invest –
ments in its own intellectual property products,
with studios dependent on service agreements. The
maturity and understanding of game developers as
businesses and seeing games as a product by the
younger companies is a difficulty pointed out by
the Rio Grande do Sul State Association, in addition
to a narrowing skilled labor bottleneck at the most
experienced companies. The São Paulo State Asso –
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assoc IatI ons and c ollectIves

ciation highlighted issues such as difficulties in im –
porting devkits, specialized consulting services for
receiving export royalties on sales of goods or ser –
vices more efficiently, a heavy tax burden and Gov –
ernment incentives for start-ups striving to launch
their first titles.
The main opportunities highlighted were ex –
changes of expertise and cooperation among com –
panies, and possibilities of actions encouraging
Government agencies to encourage output by de –
veloper start-ups. The rising demand for services
in this field and coordinating these needs among
stakeholders were mentioned as good opportunities
for emerging entrepreneurs. The emergence of man –
agement and business training initiatives, in paral –
lel to better access to business events, is pointed out
as another important opportunity. Easy exports of
products and services and a favorable exchange rate
were also mentioned, together with the emergence
of new technologies and business models.
Local leaders were generally upbeat about the
outlook for the coming years. In Maranhão State,
AMAGAMES spotlighted a growth spurt since the
first local mapping (2019) to their most recent cam –
paign (2021), with several indicators rising over
these two years. In Brasília, BRING pointed out that
the trend is for the ecosystem to expand with the
formal establishment of this association, as institu –
tional representation efforts become more frequent
and effective. However, it notes that construction
is slow and coordinated efforts are needed by the
local ecosystem. In Goiás State, GAMEGO was op –
timistic about the possibilities of consolidating this
association and setting up new partnerships with
Government agencies, Sebrae and universities. In
Rio Grande do Sul State, ADJogos is moving into a
new local investment cycle, firming up major Gov –
ernment support actions and strengthening major
companies in the local ecosystem. It confidently en –
visions becoming Brazil’s main game development
hub. In São Paulo State, the outlook is also rosy,
noting that a possible change of government at the
federal level could well launch a new nationwide
promotion cycle for this sector. At the local level,
links between associations and municipal and state
governments may underpin the consolidation of
long-term sectoral development actions.
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12. EVENTS

12. 1. Events Focused on Game Development and Businesses
Held since 2012, the BIG Festival is the main
forum for networking and doing business among
agents in this sector. This event has firmed up its
status as the largest independent games festival
in Latin America. Its program includes talks, exhi –
bitions and business rounds. The event is usually
in-person, held in São Paulo. During the COVID-19
pandemic (2020-2021), the event went digital and
was attended remotely. The exhibition is open to
the general public, and business rounds are held
for a B2B audience. Renamed the Best Interna –
tional Games Festival, in 2022 it is a hybrid event.
Organized by Bits Productions in partnership with
the Omelete Company, it includes in-person ses –
sions with some presentations broadcast for remote
attendance.
A collaborative movement that was launched
in Brazil, Game Jam Plus is now held in sixty cit –
ies in 22 countries. Designed as a Games World Cup,
this development marathon is followed by a com –
petition that honors games from around the world,
while conducting professionalization training and
capacity-building sessions (especially in the busi –
ness field) for emerging developers.
Held in Brazil since 2009, the Global Game
Jam gathers together 680 Jam sites from all over the
world. Although usually a hybrid event, it was ful –
ly online during the pandemic. It is considered the
largest game development event in the world, with
several countries participating in the 48-hour jam.
Another event is the Women Game Jam, held
since 2017 in several countries. An in-person event
until 2019, it went online during the pandemic and
is currently organized in a hybrid format. This event
is exclusive to women, as well as trans and non-bi –
nary people. In 2021, this event was held in paral –
lel to the We Game Jam, which is aimed at diverse
audiences.
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12. 2. Events for the General Public
Brasil Game Show (BGS) is an annual games
fair held in São Paulo since 2010. Rated as the largest
conference and trade fair of its kind in Latin Amer –
ica, it attracted more than 325,000 visitors in 2019.
Its Indie Avenue displays Brazilian indie games, and
it has also hosted a Game Jam.
Game XP is another major event aimed at
gamers, but with an approach that differs from the
Brasil Game Show. With a game park, this event cov –
ers 160,000 square meters with attractions, shows,
eSports championships, cosplay and releases. An
in-person event until 2019, it was held online in
2021. However, there are no plans for 2022.
There are three other events that, although not
focused specifically on games, may contain game
displays and sectors, such as Campus Party Brasil (a
techfest with talks and a specific area for games);
Comic Con Experience (CCXP), a geek-culture event
with a gamer arena; and Anime Friends (an event
about anime and manga).
12. 3. Academic Events
SBGames is the largest academic event in Lat –
in America in the Games and Digital Entertainment
field. Hosted by the Brazilian Computer Sciences
Society, this event gathers together researchers,
students and entrepreneurs with games as a subject
for research and product development. Launched as
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an in-person event in 2002, it went online during
the pandemic. A travelling event, it has already
been held in several Brazilian States. In its current
format, it focuses on Art & Design, Computer Sci –
ence, Culture, Education, Industry and Healthcare,
with each discussion track receiving articles sub –
mitted by researchers from all over Brazil and the
rest of the world. It also offers other activities: an
Arts Festival, a Games Festival, a Thesis and Disser –
tations Contest, Miscellaneous Games, Tutorials,
a Game Teaching Forum and Careers in Games for
Graduates.
The Games Research Association (DiGRA)
event is international, with its first online edition
held in Brazil in 2021. It welcomes game students
striving to understand all the formats adopted by
games in social, cultural and economic contexts etc.
The Academic Play Studies Forum (FAEL) is
hosted each year by the Brazilian Play Studies Net –
work (REBEL), an association that represents game
and toy creators, as well as researchers engaged in
play studies. This is a network of individuals, sup –
ported by partner companies.
12. 4. Regional Events
Fifty-eight regional events were mapped be –
tween 2019 and 2022, many of which were held on –
line during the pandemic. Others were canceled and
are returning in 2022. Regional events took place all
over Brazil, attracting fans (like eSports events and
exhibitions) and developers (game jams, academic
events focused on game development, conferences,
presentations and talks).
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13. EFFECTS OF THE COVID-19 PANDEMIC

Social isolation imposed by public health pre –
cautions introduced to curb the COVID-19 pandem –
ic fast-tracked the adoption of games as platforms
for socializing and entertainment, enhancing the
visibility of multiplayer and cross-platform games.
Social experiences and connections with other
players became key factors for successful and reve –
nue-building games.
Pesquisa Game Brasil 2022 provided infor –
mation on the social isolation period imposed by
COVID-19 and its relationship to games. There was
widespread agreement that people played more
during this time: at least 75.8% of the population
agreed partially or fully with this statement; 42.2%
invested more in games during social isolation;
and 19.8% reported no differences. It was agreed
in 60.9% of the cases that there was more content
about games during social isolation.
Brazil’s games industry showed significant
resilience to the economic effects of the pandem –
ic, with lighter impacts than other cultural sectors
in its transition to remote work. Many studios al –
ready had teams in place that were partially or to –
tally remote, even before the constraints imposed
by social isolation. Many of the independent stu –
dios have lean staff structures and are often already
working from home offices, as these emerging stu –
dios can rarely cover the costs of in-person business
premises.
Although productivity was unaffected by
shifts in production logic on the one hand, on
the other, small businesses were more vulner –
able to market swings at the beginning of the
pandemic. Many of these studios survive on
service agreements and publisher investment
cycles, with demand shrinking during the first
months of this public health crisis (KALEVA,
2020). Furthermore, due to initial economic un –
certainty that reigned worldwide, many investors
froze all transfers, delaying project development,
particularly in studios reliant on these inflows to
start new production cycles (KALEVA, 2020). For
larger studios, the logistical challenges were even
more severe, as businesses with brick-and-mortar
offices had to adapt to fully remote formats. Some
studios were initially remote, while others were set
up during the pandemic, with few changes in their
operation.
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EffEcts of th E coVID-19 Pan DEmIc

13. 1. Remote Work
The COVID-19 pandemic ushered in chang –
es to the organizational setups of most develop –
ers. The main modification was the replacement
of in-office work by working from home. Overall,
64 companies described the experience as positive,
and 53 as negative; 24 believe that the pandemic
did not affect them; 22 are unwilling to describe the
events as positive or negative; and 47 companies
did not answer the question. Among them, 63 had
to switch from in-office to remote work and 24 were
already working from home or went remote during
the pandemic. The other companies did not answer
this question.
Developers rating the shift to remote work as
positive underscore factors such as easier hiring
and flexible schedules. With most of the population
isolating at home, the number of players increased,
consequently boosting game sales as well.
Developers rating the change to remote work
as negative explain that this change altered the way
employees communicate with each other and with
other contacts, hindering dialogue and hampering
the formation of external links.
Some developers reported no changes with the
shift in workplaces, as many companies were set up
during the pandemic, while others were already op –
erating 100% remotely, particularly those with lean
staffing structures.
Finally, many developers believe that switch –
ing from in-office to remote work during the pan –
demic is also fueling a trend towards this new
configuration remaining in place, even after social
isolation requirements are eased.
13. 2. Impacts on Studios
The pandemic affected Brazil in many ways,
particularly with regard to the market. At the start of
the pandemic, the resulting market instability ini –
tially affected developers through the suspension of
projects and contracts. As a result, some companies
tightened up on their spending in order to survive,
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EffEcts of th E coVID-19 Pan DEmIc

with less participation in events, more layoffs and
poorer product quality.
As developers adapted to this context, a huge
range of opportunities opened up in the games mar –
ket, as demand soared for digital services and target
audiences expanded. However, competition also be –
came far keener. Fierce competition forced develop –
ers to innovate and become more creative. It even
triggered a wage war – often unsustainable – that
hindered talent retention.
Moreover, as the pandemic dragged on, com –
panies also reported drops in productivity, correlat –
ed to a decline in mental health among employees
trapped at home by social distancing. There are
reports of deaths among employees and relatives
caused by COVID-19, with negative impacts.
Access to events was highlighted by several
developers. Small and medium-sized companies ex –
plain that the remote model allowed access to in –
ternational events that became virtual, with better
accessibility for smaller businesses and no expenses
for transportation, meals and accommodation. On
the other hand, larger companies complained about
postponed and/or canceled events, reporting that
networking at online events is less effective than
in-person, with fewer new deals being closed. Fur –
thermore, with the initial instability of global mar –
kets, many developers decided to lower their invest –
ments in events as part of cost-cutting drives, which
hindered networking. After a period of adaptation,
investments in online events started up again.
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EffEcts of th E coVID-19 Pan DEmIc

14. TRENDS AND PROSPECTS

14. 1. Technological Trends
The developers listed some things as the most
likely to grow into strong technological trends in
the games world, with much importance placed on
the development of games using the blockchain
system; the development and growth of virtual
(VR), augmented (AR) or mixed reality (MR); and
the metaverse.
Notable among the main trends described are
the ways that mixed reality (MR) technologies are
tending to expand, in parallel to the implementa –
tion of 5G technology. This emerges as one of the
most important infrastructure features for the fu –
ture of the games industry. This trend involves har –
nessing the power of the 5G games network, with
faster speeds, less latency and portable gameplay
with no drop in quality. More bandwidth and short –
er response times made possible by 5G mean faster
and more efficient data processing. For virtual re –
ality (VR), technical feasibility no longer depends
on local hardware processing capacity, and it could
be processed on external servers. One of the conse –
quences would be to extend the battery life of devic –
es, mitigating another classic limitation for smart –
phone games. This should also positively affect the
augmented reality (AR) games market, generating
enhanced experiences even with heavier processing
and optimization needs.
High-definition wireless virtual reality (VR) is
also feasible with 5G, offering more opportunities
for developers to innovate, including integration
with wearable technologies. Despite all this poten –
tial, 5G is a topic that was rarely mentioned (about
five answers) by the survey respondents, not pro –
viding specific answers. It was also not men –
tioned during interviews with industry play –
ers. Its immediate relevance is limited mainly
by sluggish technology deployment and bar –
riers related to the Huawei ban in the USA.
Mixed reality (MR) development has also
been reported as a trend, in relation to both the
development of new, more robust and cheaper
virtual reality hardware, and easier development for
these platforms. Noteworthy in terms of augmented
reality are the same features for using the Arkit 5 and
Arcore development kits, for example, as augment –
ed reality development kits for iOS and Android.
It is worth mentioning that other trends are
new engine technologies, such as Unreal Engine
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trends and ProsPects

5, with new portable but powerful consoles such
as Steam Deck, increasing use of Artificial Intelli –
gence (AI) and the application of all technologies
described here in simulators, educational platforms
and gamification.
These technological trends led to an under –
standing of how some of the responses indicated the
expansion of what is known as Everywhere Gaming,
a way of playing that involves virtual environments,
new technologies and a mix of reality and virtual
reality.
14. 1. 1. NFTs, Blockchain,
Cryptocurrencies
Although most Brazilian developers are not
yet working with blockchain and NFT technologies,
their adoption is one of the trends mentioned by
survey respondents and market experts. Most re –
spondents add that these technologies will tend to
be used more widely over the long term. In inter –
views conducted for the survey, experts point out
that new technologies can revolutionize how part
of the games market will work.
According to the experts consulted, Brazil
should make good use of this new wave of techno –
logical innovation. However, in the data obtained
through the questionnaires, most respondents have
no interest in new technologies related to NFTS,
blockchain and cryptocurrencies, as shown in the
chart below, although many are aware that this is
a major technological trend and could even impact
their output.
This behavior is aligned with the international
report on the State of the Game Industry 2022 (GDC,
2022), which contacted more than 2,700 developers.
Figure 47: Interest in Blockchain, Cryptocurrencies and NFTs
Source: Brazil: Game Industry Report 2022 213 respondents
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trends and ProsPects

It found that – despite rising attention on NFT and
cryptocurrencies – 70% of companies still have no
interest in these technologies. On the other hand,
although the sample size is very different, Brazilian
developers are more adept at using these technolo –
gies: while the GDC Report shows that 1% of studios
use them, almost 10% of the Brazilian respondents
in this survey are already using them.
However, in open questions, many developers
specifically mention NFTs as one of the major trends
in the games market. Although Play-to-Earn (P2E)
and Play-and-Earn games are still viewed with sus –
picion and prejudice by many developers, NFTs are
seen as a technology that could positively impact all
types of games.
14. 2. Market Trends
14. 2. 1. Main Trends
Among the biggest market trends mentioned
by respondents, cloud gaming, game subscriptions
and greater acceptance and use of remote work as
an everyday part of the industry are flagged the
most frequently.
Cloud games are proving to be a promising
market with an even steeper growth trend in the
coming years, particularly in view of their compat –
ibility with Smart TVs, less robust computers and
smartphones, with no need for other sophisticated
and expensive hardware. As described above, the
growth of the subscription model is another trend
that was mentioned: Game Pass, Apple Arcade, Sta –
dia, PS Plus and Netflix offer multiple games on
their platforms, a business model that should be
explored by developers. This would turn the B2C
segment into a B2B market. Moreover, the recent
agreement between Epic and Microsoft was also
mentioned, allowing games to be published with no
app store intermediation.
Other trends noted by the respondents include
an increase in Wholesome Games (violence-free
games with stronger narratives) and hyper-casual
games that are faster and easily accessible to play –
ers. Another factor is increased social diversity in
game production, with more games produced and
consumed by lower-income communities and mi –
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trends and ProsPects

norities, often stressing social impacts.
A possible drop in console prices was also
mentioned, prompted by the need to sell games
as a service, with the possible popularization of

different types of indie games, some of them sim –
pler or at earlier stages, compared to indie games
that were hits.
Another trend that is mentioned is the steadi –
ly narrowing gap between eSports and develop –
ment. In Brazil, there are at least two electronic
sports teams that have set up in-house studios for
developing entertainment games and advergames.
Professional players becoming beta-testers of new
games has also been raised as a possibility.
14. 2. 2. International
Competitiveness
International competitiveness is related to
access to markets, training and macroeconomic
conditions. Access to the international market, par –
ticularly for the most frequent types of games – on
browsers, smartphones and PCs – is eased by the
fact that many distribution platforms are interna –
tional, confirmed by the fact that 73% of the survey
respondents earn revenues outside Brazil. In short
supply worldwide, this specialized workforce can
operate on the international market, with almost
half (48%) of the companies rendering services to
international clients. In terms of macroeconomic
conditions, in spite of turbulence all over the world,
the timing is favorable for foreign exchange rates,
with the Brazilian Real low.
However, while this depreciation of the Brazil –
ian Real is positive for foreign earnings, it makes in –
vestments more costly. Most respondents described
difficulties in obtaining hardware and software that
could endow this sector with a keener competitive
edge in Brazil, mainly because the prices of these
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trends and Pros Pects

goods are linked to the dollar. This difficulty is also
highlighted for obtaining some development kits or
negotiating with other companies.
Many respondents also mentioned difficulties
in understanding foreign markets and hiring mar –
keting teams for these markets, together with a lack
of information and general clarity about conditions
and laws in other countries (particularly in emerg –
ing economies). These conditions make it hard for
Brazilian companies to compete internationally.
However, a significant number of respondents
say that the publishers or platforms used in their
internationalization processes (such as Steam, PS
Store, Microsoft Store, etc.) can handle some of
these procedures.
14. 2. 3. The metaverse
Definitions of the Metaverse tend to vary enor –
mously among specialists, survey respondents and
written references where information was sought.
Popularized through the announcement that Face –
book was changing its name to Meta (2021), this
concept extends beyond games, although it uses
many of the methods and technologies originally
developed for this industry, such as virtual reality
glasses.
The most commonly used definitions refer to
a digital environment that might (or might not) use
virtual reality devices; having a place for socializa –
tion and interaction, with its own economy based
on blockchain technology; decentralizing owner –
ship and decision-making on games and their de –
sign; owning items with NFT-based technology;
interacting with reality by incorporating external
elements (augmented reality); and finally, using
games for non-gaming purposes (like concerts, par –
ties, parades and many other activities) are appeal –
ing to users, who are swept into the game’s setting.
(NEWZOO, 2021).
These virtual and social spaces have existed
for a long time in games such as Fortnite, Roblox,
PK XD, Minecraft and GTA Online, among others.
Settings such as these have explored new formats
where users enjoy simulated activities and try out
new experiences that outstrip the gameplay at the
heart of game mechanics.
Among the survey respondents, there is wide –
spread awareness of the metaverse as a trend that
will grow over the medium term, particularly where
it impacts the construction of virtual worlds. This
lines up with comments on long-term growth for
this trend, with the technological dissemination of
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trends and ProsPects

virtual realities and augmented reality.
The metaverse is described not only as the next
step for games, but also as a powerful entwining of
technologies in everyday life and created virtual
environments (such as games). It is also mentioned
by the respondents as an important variable for the
potential of cryptocurrencies and NFTs, often men –
tioned together.
14. 2. 4. More Dynamic Areas of
Investment
One of the leading investment and technology
information platforms, CB Insights (2022) mapped
the most dynamic areas for investors and business –
es seeking innovative solutions. Although not at –
tempting to portray the ecosystem configuration,
this initiative is very important for understanding
industry and market trends. Among game studios, it
is worth noting the presence of Wildlife (São Paulo),
as well as the presence of two partners in Aquiris
(Rio Grande do Sul State): Scopely and Epic Games.
This Report presents studio areas for all
platforms (mobile, multiplatform, PC and con –
sole games, virtual reality and augmented reality);
game development structure and tools (hardware
and engines, development solutions, analytics
and training); and segments related to the public
(broadcasting and streaming, electronic sports or –
ganizations, tournaments and competitions, bet –
ting and prizes, marketing, news and socialization,
and games venues).
Figure 48: Games Companies by Segment
Source: CB Insights
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trends and ProsPects

14. 2. 5. Private Equity Investments
Investments in games companies rose from
2017 to 2021: up from USD 3.4 billion in 422 deals to
USD 10.5 billion in 569 deals. By just before the end
of the first third of the year (April 25, 2022), USD 5.4
billion was identified in 213 deals. The distribution
of these investments is clustered mainly in the USA
(34%), followed by China (15%), Great Britain (7%),
India (4%) and South Korea (4%) (CB Insights, 2022).
The companies receiving the heaviest invest –
ments were: Epic Games (USD 6.476 billion); Scope –
ly (USD 998.5 million); Discord (USD 979.3 million);
DouYu (USD 976 million); Unity (USD 973.5 mil –
lion); Roblox (USD 919.74 million); Forte Labs (USD
910 million); Zynga (USD 848 million); Niantic (USD
770 million); and Improbable (USD 735.93 million)
(CB Insights, 2022).
These data reflect rising investments in this
sector, which should underpin the rapid pace of
creation and implementation of technological and
market innovations.
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15. CHALLENGES MENTIONED BY
COMPANIES

15. 1. Access to Funding
The main complaint was related to project
funding and fundraising, both directly linked to the
perception that the games industry lacks financial
backing and visibility nationwide. Some even noted
a lack of public understanding of what the games
market really is. As scored by the developers, possi –
ble solutions to this issue focus on the need to es –
tablish long-term public policies that
categorize games as strategic for the
nation’s economy, tagged for government
incentives and investments, including
events, in addition to issuing more Fed –
eral and State calls for proposals that
address real game project development.
15. 2. Talent Attraction and Retention
During a time of widespread economic insta –
bility in Brazil, one of the main challenges faced
by developers has been attracting and retaining
talents.
One of these issues relates to developer train –
ing. In general, questionnaire respondents report
that stand-alone (and sometimes unregistered)
courses provide insufficient knowledge for working
in this industry. With regard to technical and higher
education, they stress that there is a mismatch be –
tween industry needs and the type of training avail –
able, causing difficulties in hiring skilled workers.
The e-MEC platform run by the Ministry of Ed –
ucation currently lists 4,116 undergraduate courses
in Games or Game Design (including university cen –
ters, colleges, federal institutes and universities).
Developers ranked the main challenges faced
by the games industry today, listing ways of sur –
mounting these hurdles.
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Among these courses, 43.72% are clustered in the
Southeast and 17.28% in the South. The private sec –
tor offers almost all (99.73%) of the undergraduate
courses in Games and Game Design. Public sector
participation remains virtually non-existent, with
0.27% of this supply. There are estimates that Brazil
has some 3,965 games graduates a year (CARVAL –
HO, 2021). In addition to these qualifications, tech –
nical schools also offer games courses.
Developers claim that most of these courses
are generalist, failing to keep pace with constant
technology industry changes. They feel that the way
to solve this problem lies in investing in academic,
technical and research activities. This would include
hiring lecturers who work with digital development
and restructuring syllabuses so they are constant –
ly updated and aligned with current market needs.
Moreover, investment in more specialized courses
(such as coding) is also important.
According to the queried experts, it is hard
to hire senior professionals in this industry. This
is largely because professionals who are already
known and acknowledged are sought after on the
international market, at salaries with which Brazil –
ian developers cannot compete. Among other prob –
lems, this results in weak mentoring for trainees
and junior professionals, who could then fill these
vacancies. Games firms tend to look for profession –
als who already have experience in the industry. It is
usually companies with larger headcounts that hire
inexperienced professionals. There are thus few va –
cancies for early-career professionals (which is
most of them), while senior talent is in short
supply.
Because of competition among
companies, many entrepreneurs feel
that in-house talent development is
an expense that may not have any pay –
back, as qualified professionals tend to
seek jobs in larger companies that can pay
higher wages.
With the dollar on the rise, many developers
find it hard to compete with international wages,
particularly smaller firms with tighter budgets that
also encounter difficulties in standing out in this in –
dustry. This makes it even harder for smaller enter –
prises to attract and retain employees.
So medium and smaller businesses are strug –
gling to compete with larger companies, as they
cannot offer the same wages and benefits. There are
reports that many studios lost talents or even shut
down when their partners were hired by large com –
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panies or else opted to work for foreign companies.
As an example, forty professionals who completed
this questionnaire as self-employed in 2022 had an –
swered the 2018 survey as companies. At least half
of them currently render services abroad, having
shut down studios that were active in 2018. In ad –
dition to providing remote services, many Brazil –
ians are expats in foreign studios, which offer better
conditions.
On the other hand, due to the virtualized rela –
tionships imposed during the COVID-19 pandemic,
hiring became easier, with the possibility of more
flexible hours in remote workplaces attracting new
talents, unconstrained by the location of business
premises. Furthermore, it became easier to hire
workers living abroad.
It is worth recalling that game professionals,
particularly programmers, can work for other tech –
nological and creative industries in Brazil and else –
where in the world, heating up the competition for
talent even more.
Another factor mentioned is the difficulty of
finding professionals who are reasonably fluent in
English and thus able to communicate with custom –
ers and partners from abroad.
15. 3. Increased Complexity
The Brazilian industry has become more com –
plex. In 2018, there were many micro and small en –
terprises, and a few medium and large businesses. In
2022, there are at least ten companies with more than
100 employees, which have absorbed a large chunk of
Brazilian talents. These larger businesses have more
complex structures. In addition to larger headcounts,
they also develop projects for a variety of partners,
not only in Brazil, but internationally as well.
Together with the use of new technologies, the
rising sophistication of games, with frequent releas –
es and updates, all lead to the need for larger teams
or external development. Either way, developers
must be big enough and sufficiently well-structured
to perform their activities. Consequently, growth
with the resulting increase in organizational com –
plexity is spurring corporate expansion.
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15. 4. Increased Competitiveness and the Challenge of
Attention
With the games industry spreading to the
general market, competition among developers is
becoming keener. This competitiveness is forcing
companies to become creative, in order to attract
the public. As a result, they must invest more heav –
ily in their own projects – through funding, new
hires, innovative technologies and an understand –
ing of the current interests of the target audience,
among other factors.
Despite this pro, competition between small
and large companies is a major problem in Brazil,
with many developers explaining that it is very hard
for smaller firms to slot into the current market. This
is often caused by a lack of funding that develop –
ers need to invest in their projects, new talents and
even marketing, in addition to the low paybacks.
The COVID-19 pandemic allowed small devel –
opers to flock to international events, meeting new
people, signing contracts and, above all, showcas –
ing Brazilian games at these events, enhancing the
value of these efforts and establishing footholds on
foreign markets. Nevertheless, developers report
much difficulty in competing with international
companies, initially for retaining talents (due to be –
yond-competitive wages pumped up by high USD x
BRL exchange rates). Another factor is the lack of
local appreciation for Brazilian games, with expect –
ed ROI undermined by the public’s preference for
foreign wares.
Despite game lifecycles, with low storage and
distribution costs, digital products are burdened
by the infinite shelf effect: each new product
must compete with all its predecessors. This caus –
es ever-keener competition among products pur –
suing market visibility. Titles launched during less
competitive times today enjoy brand and leadership
perks, while newcomers need competence and re –
sources to enter and remain in the market.
Financial and technological barriers vary by
segment, together with access to distribution facil –
ities. The development of AAA games for consoles
requires investments and expertise that are not
easily accessible, with distribution controlled by
the equipment manufacturers. Although becoming
more sophisticated, mobile games still require few –
er resources and are easier to distribute through app
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stores, thus lowering entry barriers. However, there
is still the attention barrier: gaining visibility on a
market with super-abundant wares. For PC games,
technical complexity varies and distribution is af –
fordable through platforms. However, the attention
barrier persists.
Developers find it challenging to identify play –
er profiles and target audiences, determine how to
drive loyalty and decide what marketing strategies
to use. However, they offered no suggestions on
ways to surmount these hurdles.
15. 5. Taxation and Administrative Proceedings
The II Census indicated that the current taxa –
tion and dues system was among the most frequent –
ly mentioned points for Brazil’s games industry.
Developers reported that their heavy tax burdens
gobbled up a significant share of the company’s
earnings and revenues at various levels. The most
frequently mentioned charges are import taxes on
imports of equipment, particularly hardware (such
as computers and other devices); software (such as
game development engines); and double taxation
on foreign earnings.
The II Census also included many mentions of
the complex paperwork needed to open and run a
business in Brazil. Furthermore, vital management
procedures (including legal, administrative and fi –
nancial matters) were viewed as complex and tan –
gled in red tape.
Four years later, the current survey shows that
taxation is still rated as one of the most common
problems for Brazil’s game development industry. In
particular, two more serious recurrent problems are
mentioned: double taxation when publishing games
internationally; and heavy taxes on hardware, soft –
ware and development kits, particularly when their
prices are tied to the US dollar.
Double taxation: when publishing games
on international platforms such as Steam or Goo –
gle Play, they deduct a significant portion of the
amounts payable to the developers. These amounts
already include part of the taxes payable in these
countries. Raising funds abroad also results in tax –
es being charged on drawdown amounts, narrowing
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company margins even more and underscoring the
absence of double taxation agreements.
The devkits import problem persists and is a
frequent complaint among developers. One of the
most frequently mentioned issues concerns taxation
and dues charged on acquisitions of the equipment
needed to develop and work on a game. Respondents
report how laborious it can be to legalize purchased
or donated equipment in Brazil, as well as software
(such as game coding and production engines) or
more powerful hardware whose high performance
upgrades output. The paperwork required by these
imports is complex, with information that is hard for
developers to access, often needing to hire consult –
ing firms to release equipment. It was stressed that
they are still viewed as consoles or entertainment
items, rather than capital goods. Mentions were also
made of heavy taxes on the expensive hardware and
software needed for game development, whose in –
herently high costs rise even more as the Brazilian
Real weakens against the US dollar. Although some
companies (like Nintendo), have announced the of –
ficial sale of development kits to Brazil, the proce –
dures involved in their acquisition are complex.
Other taxation characteristics mentioned in –
clude: a lack of tax incentives (tax breaks, incen –
tives to go international, etc.) that would allow
small business to become more firmly established;
difficulties in hiring employees under the CLT sys –
tem; and even snags in clarifying and identifying
which taxes are being paid and the best legal ways
of avoiding them. Although born global, most de –
velopers find it hard to internationalize resources
and optimize processes and expenditures.
15. 6. Regulatory Matters
The II Brazilian Digital Games Industry Cen –
sus indicated a major problem related to legaliza –
tion and fitting companies into official taxation and
activity slots, either as individual microentrepre –
neurs (MEI) or microenterprises, and other profes –
sional categories. There is a clear difficulty in fitting
into the economic activity slots listed as qualifiers
in calls for proposals or defining tax issues for each
type of company. The respondents believe that Bra –
zil’s taxation system should be restructured, as it
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makes it hard to set up a company, for example.
The II Census also highlighted the need for
formalization support and incentives, together with
the importance of drawing up specific regulations
paving the way for the introduction of an appro –
priate category in the CNAE system. At that time,
it was mentioned that introducing a CNAE regis –
tration number specifically for game development
would make it easier to seek information previously
available only through forms and interviews.
However, few changes have taken place in this
field since the II Census. There is also a pressing
need for a CNAE category for individual microen –
trepreneurs (MEI) and other companies. A new tax –
ation system was suggested for startups related to
the creative economy and technology, based on the
rationale that the CLT system is a set of employ –
ment regulations designed for manual labor rather
than technological work.
According to the queried experts, the lack of a
specific CNAE category not only hampers any mea –
surements of the real size of this sector (leading to
the absence of public policies), but also hinders start –
ups while blocking investments and reining back rev –
enues in Brazil. This lack of regulation is perceived by
many companies and investors as legal insecurity, as
it is always necessary to adapt practices from other
sectors. Several Brazilian entrepreneurs decided to
streamline this step by starting companies abroad.
Business agreements are often reached with enter –
prises incorporated in other countries (but with the
same partners as the counterpart Brazilian firms) or
through joint ventures, instead of with companies
established in Brazil. These international firms cen –
tralize contracts, investments and payments for indi –
viduals and legal entities.
A lack of clarity was mentioned for working
through the paperwork needed to formally start a
company. Furthermore, there are also reports about
the need for legalization in obtaining devkits, this
time related not only to taxation, but also how to
obtain them and how to negotiate smoothly with
their providers, as some require pick-up in other
countries, such as the USA.
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16. OTHER STAKEHOLDERS IN THIS
ECOSYSTEM

16. 1. Game Development Support Companies
A company or business with one or more peo –
ple rendering services to the games industry has
been defined as ‘an organization supporting games
development and services’, including animation,
consulting, localization, digital content develop –
ment, research, media, film, TV, advertising, cor –
porate training, software development, distribu –
tion, monetization, retail, publishing and e-sports,
among other activities.
The 53 support companies that responded
were mainly (92%) formally established, with more
than half (27) set up less than five years ago. They
are clustered mainly in the following States: São
Paulo (26); Rio de Janeiro (10); and Rio Grande do
Sul (6). Only four companies are located outside the
South and Southeast regions. Of the fifty companies
that responded on revenues, seventeen did not ex –
ceed the individual microentrepreneur (MEI) ceiling
of up to BRL 81,000, while ten others earned less
than BRL 360,000. At the other end, four companies
reported revenues of more than BRL 16 million.
Among the activities performed by the
55 companies, the most common is consulting
(36%), followed by educational services (25%),

gamification (22%), advertising (20%) and cus –
tomized brand projects (20%). However, few re –
spondents claim to work with data science (4%),
specialized advocacy (5%) and investments (5%).
Among these activities, those identified as ma –
jor revenue sources were consulting (13%),
animation (8%), software development (8%),
educational services (8%), research (6%) and
game distribution (6%).
Support companies were largely
self-funded by founders, friends, family and
other individuals (31%) or had no source of
private funding (26%). Angel investments (5%)
and venture capital (7%) are not yet common
here. In terms of Government funding, most
(65%) companies were not funded by any public
sources, while calls for proposals for games (8%),
tax incentives (8%) and calls for proposals in other
areas (16%) were the main sources.
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16. 2. Overview of Self-Employed Developers
Although not the main focus of the survey,
the questionnaire also encompassed the activi –
ties of self-employed developers. A ‘self-employed
game professional’ was described as someone who
a) develops games for mobile devices (smartphones,
tablets), computers, the internet, virtual reality,
augmented reality, social networks or consoles,
on a for-profit or not-for-profit basis, as a primary
or secondary activity; b) develops entire games or
renders game development services to customers
or partners; c) offers services to the games indus –
try, including animation, consulting, localization,
digital content development, research, media, film/
TV, advertising, corporate training, software devel –
opment, distribution, monetization, retail and pub –
lishing, among other activities.
Among these self-employed professionals, 168
answered the survey and 57% work under conditions
that are not formally established. Respondents are
from several States in Brazil, mostly in the South –
east, particularly São Paulo (29%), Rio de Janeiro
(18%) and Minas Gerais (6.4%). No self-employed
professionals were reported in Acre, Amazonas,
Amapá, Rondônia and Mato Grosso do Sul States.
Less diversity was found among self-employed
developers than in companies. Male developers ac –
count for 95% of the sample, with only seven wom –
en and one non-binary person responding to the
survey. Monitoring the respondents, 73% self-iden –
tified as White, 16% Black, 4% Asian and 1% Indig –
enous. 10% self-identified as LGBTQIA+ and 1% as
trans. PwDs accounted for 3% of the respondents,
with 6% neurodiverse. For age, 2.3% of the sample
reported being over 50 years of age.
Most work with game development, outsourc –
ing art services (35%), animation (21%), scripts
(31%) and software development (29%).
The main revenue sources for self-employed de –
velopers are art services and software development,
as well as other activities unrelated to games. Their
main revenue-generating platforms are the PC (44%),
followed by smartphones and
tablets (13%). Many
professionals who responded earn no revenues from
games, as they use them as a form of recreation or are
still developing their first game (31%).
Regarding revenues, 45% of professionals re –
port monthly earnings of up to BRL 1,100 from game
development, with 11% reporting earnings between
126
o tH er s take Holders I n tHIs ecosystem

BRL 1,100 and BRL 1,908, and 17% between BRL
1,908 and BRL 4,770.
Among professionals, 86% developed games in
2020 and 2021. Most (89%) self-employed develop –
ers plan to develop for PC, as well as Android (47%),
Nintendo Switch (29%) and iOS (23%).
In 2020, self-employed professionals report –
ed producing 158 games, dropping to 111 complete
games in 2021. Regarding external development,
these professionals reported engagement in design –
ing 229 projects: 97 in 2020 and 132 in 2021. The
main services outsourced in 2021 were 2D (86 proj –
ects), conceptual art (76 projects), game design (53
projects) and 3D (52 projects).
127
otH er s take Holders I n tHIs ecosystem

1 7. CLOSING REMARKS

The history of Brazil’s games industry has
gone through five phases: start, professionaliza –
tion, coordination, expansion and consolidation.
This ecosystem has grown and developed a solid
foundation, with representation of all Brazilian and
international stakeholders in an innovative games
industry that is economically and culturally rel –
evant. The contours of the next phase are already
appearing, with more developers and other support
companies with global influence.
Hampering the leap into this new phase are
several challenges to the three components of the
triple helix of innovation: private sector, public
sector and universities. However, looking at the
achievements of the industry during the past ten
years, its potential for construction and transforma –
tion is remarkable.
In the private sector, several developers – and
not only the major companies mentioned above
– are already embedded in global value chains,
exploring the most innovative emerging market
trends and attracting international recognition
from the public and from experts. The BIG Festival
has established its name as the main B2B event in
Latin America on the international games industry
calendar. Events for the public and multinationals
established in Brazil help spread a broader games
culture, including electronic sports. Brazilian and
international investors are increasingly interested
and should become more involved in the industry,
based on recent successful investments and the di –
versity of sizes and types of opportunities. Support
companies are keeping pace with maturation, and
remote work has further relaxed the organization
of work. Regional associations and collectives are
strengthening, and diversity and inclusion agendas
are being implemented. In the next phase, more in –
tensive international publishing and investment
are expected with gains in scale for emerging
opportunities that are being grasped, and an
even greater increase in the relevance of Bra –
zilian events in the international arena, as well
as Brazilian attendance at international events.
In the public sector, many actions were imple –
mented at various tiers of government after a com –
mon agenda was presented in the study published
by the BNDES in 2014, drawn up by a working group
of Government administrators and Abragames rep –
resentatives that was set up during the BIG Festival.
The ApexBrasil Export Program, calls for proposals
from ANCINE, and other local initiatives such as
Spcine proved instrumental for meeting the needs
129
clos In G remarks

of the many different developer profiles and stages.
In the next phase, a quantitative and qualitative in –
crease in actions is expected, with games companies
receiving support regardless of their location, size
and focus, as well as other stakeholders, strength –
ening the entire ecosystem.
Universities saw an upsurge in places in higher
education games courses, and not only through dis –
tance learning. Research output increased in both
scope and quantity, together with outreach activi –
ties. In the next phase, the academia is expected to
strengthen ties with both public and private sectors
through joint actions, with teaching, research and
outreach activities becoming more synergistic and
with stronger impacts on this industry.
130
clos In G remarks

18. METHOD

The method used for this survey was mixed,
with mapping strategies, questionnaires, inter –
views, baseline data and references. The map –
ping stage measured the number of active com –
panies, with their profiles explored through the
questionnaire.
Respondents account for 22.3% of the devel –
opers mapped and validated as active. This sample
may be considered as representative for both size
and traits: the geographical distribution is similar
to that of the mapped developers as a whole, with a
wide range of revenues, headcounts and operations,
consistent with the profiles of the I and II Brazilian
Digital Games Industry Census.
18. 1. Mapping Companies
The companies were mapped through the con –
struction of a database with 2,700 contacts. The
registration data fed into the database were: a)
companies on the registry of the II Census conduct –
ed by the IBJD in 2018; b) companies belonging to
Abragames in 2022; c) companies registered on the
Games Industry website; d) companies registered
on the Map of the Games Industry in Brazil web –
site; e) companies compiled by the LinkedIn plat –
form whose industry activities are self-described as
‘Computer Games’ and ‘Mobile Games’ in Brazil; f )
companies belonging to the ADJogos, AMAGames,
RING and BRING regional associations; g) compa –
nies announcing vacancies on the HitMarker Brasil
website; h) Brazilian developers and publishers of
mobile games on a list provided by the AppMag –
ic platform; i) list of Brazilian games on Steam; j)
questionnaire conducted by the authors; and k)
form for Indie Hero companies.
Developers complying with at least one of the
following criteria were mapped as active: a) be –
longing to a specific regional games association/
collective in 2022; b) completing the survey ques –
tionnaire; c) having active corporate websites and/
or social media channels in 2021/2022; d) releasing
games in 2020/2021/2022; e) having live games and
revenue according to AppMagic; f ) having an active
Corporate Tax (CNPJ) number and a main CNAE
number that’s compatible with developing games;
g) talking over the phone to confirm receipt of the
132
metH od

survey; h) updating a game in 2020/2021/2022;
and i) registering with Google and specifying the
company’s business hours. Based on these crite –
ria, 1,009 active game development studios were
mapped in Brazil.
18. 2. Company Profile – Questionnaire
The questionnaire was used to establish the
corporate profiles.
18. 2. 1. Data Collection Tool
The data collection tool was a structured ques –
tionnaire, with closed questions and predefined an –
swers (single or multiple choice), as well as open
questions. Prepared by the team, the questionnaire
was based on the II Census and public policy needs
discussed at a meeting with Abragames, ApexBrasil
and the Brazil Games Export Program.
For the construction of the economic profiles,
the revenue intervals defined by Sebrae and BNDES
were used. The economic profiles of individual de –
velopers were constructed from income tax and
minimum wage brackets. The questions in the de –
veloper questionnaires were based on the II Census
conducted by the Brazilian Games Industry, duly
updated. The human resources item in the compa –
ny questionnaire did not ask about sexual identity
(homosexual, heterosexual, bisexual), as it was felt
that requesting such information from a company
representative could cause constraints on either the
respondent or the partners and employees. Howev –
er, there was a question on employee diversity, spe –
cifically exploring the presence of women and trans
people, Black people, Indigenous people, neurodi –
verse people, PwD and workers over 50 years old.
However, individual developers could mark their
choice for this item in the questionnaire.
Four types of audiences were expected: 1)
formally established developers; 2) non-formal –
ly established developers; 3) development support
organizations and services in formally established
games; 4) self-employed professionals.
Formally established companies were regis –
tered with the Treasury Ministry on the National
Corporate Tax-Payers’ Roll under a CNPJ/MF num –
133
metH od

ber; and self-employed professionals were regis –
tered as individual microentrepreneurs (MEI) or
self-employed professionals issuing Self-Employed
Professional Receipt (RPA). Although game devel –
opers and programmers cannot yet register as in –
dividual microentrepreneurs (MEI), some self-em –
ployed professionals rendering services to the
games industry may qualify for this category and
issue MEI invoices in other categories.
The survey respondents were initially asked
whether they were involved in game develop –
ment, then about their business status (company or
self-employed), and if whether formally established
or not. Thus, three questionnaires were prepared:
one for developers; one for games development
support organizations and services; and one for
self-employed professionals.
18. 2. 2. Confidentiality of Information
The findings were consolidated, and the secre –
cy of confidential information was guaranteed. The
terms of Brazil’s General Law for the Protection of
Personal Data (LGPD) were presented, explaining
that registration data would be disclosed individu –
ally only with the consent of the respondents.
18. 2. 3. Sampling Plan and
Dissemination
An online questionnaire with public links was
made available, with follow-up telephone calls to
companies on the initial mailing list, asking them
to complete the survey if they had not yet done so.
The survey was available online between March 7,
2022 and April 10, 2022.
The questionnaire was published in the Abrag –
ames Newsletter and at the BIG Festival.
A list of 2,700 email addresses was drawn up,
based on the company mapping, and individual
emails were sent to contact persons. The question –
naire was also released by the survey team through
social networks (Facebook and LinkedIn), and on
WhatsApp. The questionnaire was published in the
following groups: Facebook Communities: A In –
dústria do Cinema e do Audiovisual; Blender Brasil;
Brazilian Game Professors; BRING – Desenvolve –
dores de Games de Brasília; Criação e Desenvolvi –
mento de Jogos; Desenvolvedores de Jogos; Desen –
volvimento de Games | Eventos; Desenvolvimento de
Games; Desenvolvimento de Jogos – Brasil; Design
de Games – Portfolios; Design Games Brasil Econo –
mia Criativa Digital; Game Audio Academy – Trilhas
Sonoras e Sound Design para Games; Game Design
134
metH od

PUC-RIO; Game Development Brazil; GamesIndie;
Gamification (Coursera); GAMinG– Associação
Mineira de Jogos; Geração Gamer – Espaço da Cena
Brasileira de Jogos; Grupo Rádio Geek; IGDA Brasil;
IGDA São Paulo; Indie Developers Brasil; Indiegame
Brasil; Indústria de Jogos; PING; PONG – Potiguar
Indie Games; Práticas Profissionais em Games;
Produção de Jogos; RING – Desenvolvedores de Jo –
gos do Rio de Janeiro; Unity Brasil; Games Brasil.
LinkedIn Communities: Brazilian Game Develop –
ers; Fórum de Ensino de Jogos Digitais da SBGames;
Games Brasil and WhatsApp Groups: GDBR; Indies
Brasil; and Abragames members.
18. 2. 4. Final sample
A set of 443 questionnaires was validated.
When duplicate questionnaires were found, the
more complete or more recent questionnaires were
kept in each case. The final sample consisted of
223 developers, 168 self-employed professionals
and 52 support organizations working with games
development and services.
18. 2. 5. Interviews
The following experts were interviewed:
Diego Martinez (Riot Games)
Bruna Soares (Ubisoft)
Alexandre Kikuchi (Unity)
Vanessa Gazel (Pipa Studios)
Marcio Medeiros (HitMarker Brazil)
Daniela Galvão (CQS Advogados)
Carlos Estigarribia (wappier)
Thiago Xisto (Vivo Keyd)
Eros Silva (ApexBrasil)
135
metH od

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ABRAGAMES
Rodrigo Terra, Chairperson
Carolina Caravana, Vice-Chairperson
Brazil Games Export Program
Eliana Russi, Executive Director
APEXBRASIL
Eros Silva, Manager –Brazil Games
Export Program
HOMO LUDENS INNOVATION AND
KNOWLEDGE
Ivelise Fortim, General Research
Coordinator
Researchers
Ivelise Fortim
Davi Nakano
Luiz Ojima Sakuda
Eduardo Ferezim dos Santos
Manoel Tavares Bacal
Pedro de Toledo Mena Barreto
Ana Vitoria Leão
Design and Layout
Ana Vitoria Leão
Guilhes Damian
Raquel Serafim
Technical Editing
Érika Caramello
Editing
Mariana Zambon
143
references

BRAZIL GAMES EXPORT
PROGRAM
The Brazil Games Export Program, is the
export program created by the Brazilian
Game Companies Association, ABRAG –
AMES, in partnership with ApexBrasil, the
Brazilian Trade and Investment Promo –
tion Agency. Our goal is to promote the
Brazilian Game industry internationally,
developing new business opportunities for
our companies. The Brazil Games Program
also promotes Brazil as the hub for busi –
ness in Latin America and invites buyers,
investors and publishers for BIG Festival,
Brazil’s Independent Games Festival, the
most important international indie games
festival and the hub for international busi –
ness in Latin America.
ABRAGAMES BRAZILIAN
GAME COMPANIES
ASSOCIATION
Abragames, the Brazilian Game Compa –
nies Association, was founded in 2004 and
represents Brazilian studios developing
games in various platforms. Besides cata –
lyzing the game production in the coun –
try by training and promoting expertise,
Abragames aims at making Brazilian cre –
ativity and technology available to the
main players of the international game
industry.
APEXBRASIL
The Brazilian Trade and Investment Pro –
motion Agency (ApexBrasil) works to
promote Brazilian products and services
abroad, and to attract foreign invest –
ment to strategic sectors of the Brazil –
ian economy. The Agency supports more
than 12,000 companies from 80 different
industries, which in turn export to 200
markets. ApexBrasil also plays a key role
in attracting foreign direct investment to
Brazil, working to detect business oppor –
tunities, promoting strategic events and
providing support to foreign.
How to cite this Report
FORTIM, Ivelise; (Org). Brazil: Game Industry Report 2022. ABRAGAMES: São Paulo, 2022.
144

Image credits
Section Page Character Game Company
Front cover 1 Indigenous Woman with Bow Naara Rebuliço
1 Red hair boy Relic Hunters Rogue Snail
1 Blue hair witch Merge Potions Lumen games
1 Red-haired sorceress A spire: Ina´s Tale Wondernaut Studio
1 To u c a n Praia Bingo Pipa Studios
1 Blue ball Bit Draw Brais Games
1 Blonde girl Lila’s Tale Skullfish Studios
1 Boy with pistol Gunstars – Battle Royale Monomyto Game Studio
1 Woman with overalls Dino Quest 2 Tapps Games
1 Woman with spear Illustrative Picture Joystreet
Introduction 11/12 Robot 1 Override: Mech City Brawl Modus Games
11 Robot 2 Gravity Heroes Studica Solution, Electric Monkeys
11 Girl with hammer Medieval Merge Pixodust
11 Girl on the phone Spacelines fom the Farout Coffenauts
14 Girl in the star Starlit Adventures Rockhead Games
15 Death Holy or Dead Cointoss Studios
16 Astronaut Grashers Pink Array
17 Witch Matemagos Flying Saci Game Studio
History of the Games
Industry in Brazil 18 Ship Jogo de corrida Spotland GRaphics
18 Viking Profane RPG Insane
18 Dinosaur Epic Roller Coaster b4t games
18 Cave man CaveDays Webcore Games
19 Viking Profane RPG Insane
19 Strawberries Brutal Battle Berries Aurecas
20 Pixel art capoeiristas Mandinga – A Tale of Banzo Uruca Game Studio
21 Astronauts Gravity Heroes Studica Solution, Electric Monkeys
22 Red hair boy Relic Hunters Rogue Snail
23 Little dolls Pensamento Computacional Hyperdive Studios
24 Skeletons Gunstars – Battle Royale Monomyto Game Studio
25 Pixel man Wolfstride OTA IMON Studios
State of the Industry 27 Planetoid Space Mavericks FireGecko
2 7/ 2 8 Cyborg Dolmen Massive Work Studio
145

Section Page Character Game Company
27 Robot No name Umbu Games
27 Wizard Wonderbox: The Adventure Maker Aquiris Game Studio
27 Knight in armor Holo Drive Bitcake Studio
29 Ship Heavy Metal Machines Hoplon Entertainment
30 Fire fighters Vasara Qubyte interactive
31 Girl with blackberries Berry Ludus Studio
Studios and their
location 35 Boy with headset Vlogger Go Viral Tapps Games
35/ 36 Archer Minted Main Leaf
35 Castle Wonderbox: The Adventure Maker Aquiris Game Studio
42 Girl with star gloves Kawaii Avatar Maker Kawaii Games
43 Arabian boy Aladdin- Clash of Dragon Pixside games
Games Profile 44 Robot Holo Drive Bitcake Studio
4 4/45 Girl in yellow Distortions Among Giants
44 Boy with machete and duck What the duck Seize Studios
52 Girl with scarf Dandara: Trials of Fear Long Hat Studios
Human Resources and
Diversity 53 Girl with scarf in pixel art Dandara: Trials of Fear Long Hat Studios
53 Blond boy Kind Heart Defenders LUDO Thinking
53 Indigenous woman with bow Naára Rebuliço
53 Woman with cell phone Duas Vidas Sun Black
54 Woman with spear Imagem Ilustrativa Joystreet
Technologies and
Services 67 Giant robot Override: Mech City Brawl Modus Studios Brazil
67 Photograph Esquadrão 51 Loomiarts
67 Little boy in slippers Timo The Game Webcore Games
67 Square knight Kingdoms of Heckfire Puga Studios
68 Robot Holo Drive Bitcake Studio
Corporate
Internationalization 71 Anime style girl Wife Quest Pippin Games
71 Mask girl Profane RPG Insane
71 Hamburger shop Make The Burguer Creative Hand
71/ 72 Card boy Dandy Ace Mad Mimic
76 Warriors Toys ‘n’ Traps Skullfish Studios
77 Blonde girl Lila’s Tale Skullfish Studios
146

Section Page Character Game Company
Financial Overview 78 Pixel art astronaut Sky Racket Double Dash Studios
78 Astronaut Grashers Pink Array
78 Skeletons Gunstars – Battle Royale Monomyto Game Studio
78 Pixel art ship Dino Hazard Colecionadores de ossos
79 Boy with backpack The Path of Calydra Finalboss
86 Man at notebook Galaxy of Pen and Paper Behold Studios
Funding 8 7/ 8 8 Blue armor knight Invaders od Trifeth Umbu Games
87 Black boy in dinosaur shirt Single City PUGA Studios
87 Blond boy Madway to heaven Mad Pixel
87 Scone Bubbli Bash Brais Games
89 Driver bird Knowa Slide
91 Blue cat Jelly Beams Bitcake Studio
93 Girl on the phone Spacelines from the farout Cofeenauts
94 Computer with weapons Gadget Droids 4 4 To o n s
Associations and
Collectives 95 Robot + astronauts Gravity Heroes Studica Solution, Electric Monkeys
95 Boy in red vest and cat What the duck Seize Studios
95 Scouts Wind Peaks Actoon Studios
96 To u c a n Praia Bingo Pipa Games
96 Red-haired sorceress A spire: Ina´s Tale Wondernaut Studio
Events 100 Mustache mechanic Bingo Bloom Pipa Studios
100/101 Two sword warrior Profane MMORPG Insane
100 Bluish death Lilas Tale Skull Fish
100 Boy with two pets Kukoos- Lost Pets Petit Fabrik
103 Soldier and tank War heroes Fun Games for free
Effects of the COVID-19
Pandemic 104/105 Yellow armor warrior Invaders of Trifeth Umbu Games
104 Golem Lilas Tale Skullfish
104 Soldier and tank War heroes Wild Life
104 Boy in a red shirt (pixel art) Kunjee
Trends and Prospects 108 Knight templar Death Bound Trialforge Studios
108 Astronaut with a wheelchair Gravitational Eletric Monkeys
108 Pink futuristic warrior Pixel Ripped 1995 ARVORE Immersive Experiences
109 3d capoeirista Capoeira Legends: Path to Freedom Donsoft Entertainment
110 Boy in a red shirt (pixel art) Kunjee
147

Section Page Character Game Company
116 Samurai and Pink Pirates Aurora Aventuras Napalm Studio
Challenges Mentioned by
Companies 117 Elf with spear Reverie Knights Tactics 40 Giants Entertainment
117/118 Goat with wings Lil´l Goats Cardano
117 Pixel art characters My Night Job Webcore Games
119 Girl in the star Starlit Adventures Rockhead Games
120 Faceless pixel art Homo Artificialis Cofeenauts
122 Caveman CaveDays Webcore Games
124 Pink doll Uniduni Studio Clops
125 Girl in red coat and boots Gaby Estrella Karaoke Gloob
Other Stakeholders in
this Ecosystem 126 Girl with blackberries Berry Ludus Studio
126 Witch Matemagos Flying Saci
126 Headphone white doll Resonance- the lost Score Demerara Games
127 Witch with cauldron Wonderbox: The Adventure Maker Aquiris Game Studio
129 Hamburger shop Make The Burguer Creative Hand
Closing Remarks 130 Capoeiristas in pixel art Mandinga – A Tale of Banzo Uruca Game Studio
130 Red armor knight Invaders of Trifeth Umbu Games
130 Girl with star gloves Crystal Gem Garnet Dress Up Game Kawaii games
131 3d blond boy Enigma da Esfinge 44 Bico Largo
132 Animation survivors My Night Job Webcore Games
Method 133 Girl in backpack and red shirt Albatroz Among Giants
133 Boy with frying pan Hank’n Spank – Braisgames
133 Blue car Chaos Road: Corrida e Combate Zeepo
133 Pixel art with ghostbusters shirt The Goldbergs Back to the 80s Lumen Games
134 Blue hair boy PKXD Afterverse
135 Anime girl with scythe Kawaii Deathu Desu Pippin Games
137 Giant robot Override: Mech City Brawl Modus Studios Brazil
References 138 Planter Single City PUGA Studios
138 Person wearing vest Arida: Blackland´s awakening Aoca Game Lab
138 Blue cat Jelly Beams Bitcake Studio
138 Anthropomorphic animals on a moving
cart Out of space Behold Studios
148

Research Conducted by