BUENOS AIRES — Memorable for its mass attendance of around 3,200 delegates, Ventana Sur, Latin America’s biggest film-TV market, closed its doors at the extraordinary Palacio de Libertad in central Buenos Aires on Dec. 5 underscoring both the region’s large high-energy talent and the considerable headwinds racking the international film-TV business.
10 takeaways from this year’s mart-meet.

First, the Big News: Netflix Buys Warner Bros for $82.7 billion

Though hardly a Ventana Sur deal, naturally enough, it dominated Friday’s breakfast tittle-tattle in Buenos Aires. The major take is that it will close more doors than it opens for the international independent industry. “That’s difficult to judge,” Ampere Analysis’ Guy Bisson told Variety. “For the independent production sector, I’d come down on the side of it not being great news. Through control of Hollywood royalty combined with the dominant global streaming service, Netflix becomes in one fell swoop a Disney on steroids….and surely that means more production coming in-house,” he added.
Ambitious Genre Sells
And some good news? Ambitious genre, whether upscale genre blending (Gustavo Hernández’s “El Susurro”), mystic epic (Colombia’s “The Awakening”) or a propulsive two brothers escape-the-mob noir thriller (Argentina’s “The Reborn”), all on Latido Films sales slate, are currently closing AFM deals in multiple major markets. In further genre news, Argentine genre label Del Toro Films (“On the 3rd Day,” “The Funeral Home”) closed at Ventana Sur to co-produce Colombian Ventana Sur project “I’ll Keep My Mouth Shut” (No Diré Nada), a horror thriller. Genre and thrillers lead international market business.

More Good News: Enervating Latin American Animation
Glimpsed at Ventana Sur unveils of Ibermedia Next, launched by Spain’s ICAA film agency tasking animation producers to experiment with new tech, often Blender, in international co-productions. For those involved in the 43 titles created – often shorts for potential features or series pilots – the results can look stunning. For the producers involved, Ibermedia Next has proved a gamechanger. “The technology allowed us to make more art,” Bernardita Ojeda at Chile’s Pájaro told a Ventana Sur industry audience. Integrating 3D with 2D, she was also able to attain richer 2D, she added. One short, “CALM,” mixed 3D, stop-motion, live action, shadow puppetry, traditional 2D with graphics, and simulations.” “We learnt so much,” said Asdrúbal Hiutzilhuitl Rivera, at México’s Sísmica Studio.
Animation: the Main Market Challenge
In September, France’s Unifrance released its 2024 export figures. Animation sagged for a fifth year running, hit mostly by a sharp downturn in U.S. buys, pubcasters’ cuts both in youth programs and specialised staff in kids and youth, and streamers’ turning away from animation in favor of entertainment and sports. Those same factors are whammying Latin American animation too. One case in point. As Disney’s “Zootopia 2” sprinted to $616.7 million through Tuesday, in a sign of the times, on Dec. 3 Disney+ Originals Boss Eric Schrier advised that Disney+ local programming teams stationed across Europe and Latin America are unlikely to take “kids and family” product, indicating that is the preserve of Disney’s U.S. HQ.
The large task for such high-energy animation hubs as the Quirino Awards, which has just announced new dates, is to try to ensure that animation from Latin America, Spain and Portugal is as competitive as it can be. The Quirino Lab, celebrated one week before Ventana Sur, is a step in that direction.
Buzz Titles
Some titles sparking good word of mouth at Ventana Sur: the Latido Films trio of “The Whisper,” “The Awakening” and “The Reborn,” with deals under the belt or closing in multiple main markets worldwide; Sofia Quirós’ “Awaiting Birds,” a clear winner in Primer Corte, Ventana Sur’s pix-in-post competition; animated feature “Utopia,” from Brazil’s Rafhael Barbosa, packing dazzling visuals and a window onto a little known part of Brazil’s history; “God’s Favorite Girl” in project forum Proyecta, adding partners – Woo Films – and nabbing a major prize; “I Need to Be Loved,” from the least known of big winners at Fantastic! And “Heads or Tails?” the top title at RAI Cinema’s new sales unit, acquired by Samuel Goldwyn for the U.S. and screening at Ventana Sur.

Business
Business was done, and more than maybe thought. Variety revealed a slew of deals, often key cast or co-production alliances, on titles as they were unveiled in Ventana Sur’s 10 industry sections. It could have announced many more. At least 30 pick-up or sales deals will be announced in upcoming weeks. At Ventana Sur, by Saturday M-Appeal and Habanero Film Sales all closed or were closing worldwide sales pick-ups on Ventana Sur or Latin American titles. Paul Hudson at U.S. distributor Outsider Pictures was circling five to six titles by mid-market at Ventana Sur. Jinga sold eight titles, a mix of horror and action fare, to Brazil’s Encripta, a streaming licensing company.
AVOD: A Building Future
The question about sales is not so much their number as for how much they were sold. Though results vary wildly, Spanish-language movies now sell many major markets for four-figure sums, and not even high figures at that. “The international sales market is, in my opinion, in pretty bad shape, probably the worst ever,” said one seasoned sales agent. “The main challenge is that buyers are paying less than before for the same type of projects,” added another. So AVOD is coming increasingly on agents’ radar. “The international market is undergoing significant change. At AFM I met more AVOD platforms than I did all rights distributors. Distributors, aggregators and platforms all want non-exclusive AVOD worldwide, so it’s becoming like the Wild West. The audience has become accustomed to watching films for free on AVOD platforms like Tubi and various YouTube channels,” said Jinga Films’ Julian Richards.
”The Bowfinger Method”
2024 box office in Spain was 29% below pre-pandemic levels, though production costs up some 30%. Yet theatrical performance in local markets remains a key first platform for films. How can it be bulwarked? One solution, said María Luisa Gutierrez, producer of the “Father There Is Only One” film series, is what she calls the Bowfinger Method, after her company Bowfinger Intl. Pictures, talking at a conference at Ventana Sur. In essence, the Method is to “take decisions without all the elements to make those decisions, so to be faster.” One case in point. Bowfinger and S0ny saw a window of opportunity, releasing “Father There is Only One 2” on July 29, 2020, even though some cinema theaters in Spain were still closed. It grossed an extraordinary €12.9 million ($15.0 million), lending a vital lifeline to exhibitors during the pandemic. “We wanted to help theaters and thought a large part of a reduced market better than a smaller part of a more normal market,” Gutierrez argued. Another example: In 2024, Sony asked Bowfinger to produce a Spanish version of “Death at a Funeral” to release Easter Week of 2025: a tight turaround. Gutierrez realized some of Spain’s top actors would be available in the summer, since on holiday. Released on time, “Un funeral de locos” currently ranks as the seventh highest grossing Spanish movie of 2025. “Preparation is great, but it can go against a movie,” Gutiérrez said in Buenos Aires.

Why Ventana Sur is a Must-Attend for Some Sales Agents
Despite adverse markets, many sales agents and producers return year after year to Ventana Sur. “The value of attending Ventana Sur is getting a first look at titles through Primer Corte, Copia Final and the other sections that I just wouldn’t be able to cover if I didn’t attend. Nothing beats face to face conversation,” said Hudson. For many sales agents it’s more of an acquisition or cp-production play than sales emporium, however. “The main value for us to come here is to meet Latin producers and do project scouting,” said Andreas Rothbauer, at Germany’s Picture Tree Intl. “It’s very much an acquisitions market for us: we consistently find compelling Latin American projects to add to our slate,” concurred Gloria Bretones at Spain’s Begin Again Films. “There is always value in attending Ventana Sur or any other market, for us Ventana Sur particularly is our “home” market, where we meet all Latin producers, filmmakers and organizations…and also some international buyers,” added Alfredo Calvino at Brazil-based Habanero Sales. “It’s really valuable, We take large advantage of it. Such spaces are very valuable,” said Lucia Meik, at Argentina’s Meikincine.
The Deals
*Mexico’s Tulip Pictures has launched outposts in Austin and Madrid, and bowed a teaser of director Lorena Villarreal’s dark comedy “Life Is.”
*Cult Argentine toy line “Guerreros del Manana” has been acquired by New Zealand’s Black Mandala for an animated series adaptation. Deal was closed during Ventana Sur.
*‘A Fantastic Woman’ star Daniela Vega has boarded Constanza Majluf’s ‘Pink Desert’ as executive producer as key cast confirmed as ‘The Wave’s’ Lola Bravo, Daniela Vega, ‘Cris Miró (Ella)’ Star Mina Serrano and ‘The Club’s’ Marcelo Alonso.
*Argentina’s Del Toro Films is set to co-produce “I’ll Keep My Mouth Shut,” wit a high-profile Colombia cast led by Paula Castaño and Ángela Rodríguez. Colombia’s produces.
*Romina Paula, star of Santiago Mitre’s debut “The Student” and director and subject of doc-fiction hybrid “Again, Once Again,” a San Sebastián Horizontes Latinos winner, is set to to star in “Michael M.,” the first solo feature of Laura Bierbrauer.

*Guadalajara winning project ‘Dreadful Mother,’ a horror-thriller from Alicia Albares, has been picked up by Latido Films.
*Woo Films, behind “The House of Flowers,” has boarded director Diego Ulloa’s ‘God’s Favorite Girl,’ from ‘This Is Not Sweden’ producer Funicular Films, a project at Ventana Sur’s Proyecta
*U.K.-based Jinga Pictures has closed an 8-title deal with Encripta for all rights in Latin America on a mix of historical revenge saga, horror and action thrillers or comedy: “Sword Of Vengeance,” “The Last Assassins,”“Hellbilly Hollow,” “Scared To Death,” “The Haven,” action comedy “Peter Five Eight,” “A Game In The Woods” and the multi-prized “The House At The End Of Time.”
*‘Looking for Michael,’ a Parkinson’s-themed comedy, was brought onto the market at Ventana Sur by Filmax.
*Rafhael Barbosa’s Brazilian Afro-futurist animation ‘Utopia’ has added ‘Mars One’ star Rejane Faria and Matamba Joaquim as key voicecast.
*Peru’s “Muerto de Risa,” a critical and box office hit in Peru shortlisted for the Platino Awards, has landed a Mexican Remake at Sin Sentido Films.
*Argentina’s Gaman Cine and Fiørd Studio is teaming with Spain’s Lorolo on “The Other Voice,” revisiting Mercedes Sosa’s exile and a San Sebastián Film Festival Award winner at Ventana Sur.
*Jinga has also received offers from distributors in North America and U.K. for Argentine horror “The Dollmaker”(“Encantador”) which it aims to close before the end of the year, said Jinga’s Julian Richards.
*Diabla Cine and We Are Not Zombies have signed a co-production deal for “The Paradise” ahead of Ventana Sur Series. Skein chronicles how cocaine became a political and military tool across Latin America.

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