Through the experimental stream, the CMF encourages the creation of leading-edge, interactive digital media content and software applications. The primary objective of this program is to drive innovation in terms of content, technology, or business models. Funding is allocated using a selective process, with the selection of projects determined by a committee composed of Canadian and international specialists with recognized expertise in the field of interactive digital media.
In 2011-12, the CMF supported 90 innovative and interactive digital media projects through this stream, including 15 games. The games sector being a leader in terms of creative and technological innovation, it stands to reason that many Canadian games, from console games to casual games, have been supported through this program.
Since its launch in April 2010, approximately 47% of projects funded through this stream have been games, and CMF funding support has triggered approximately $50 million in production activity for independent Canadian-controlled game companies, for an average budget of approximately $1 million per project.
Given typical production schedules, only a handful of projects supported through the program have made it to market, and although the primary objective of the program is not commercial success, we are pleased to report that some projects have already done rather well. For example, Guacamelee, produced by Toronto's DrinkBox Studios, is an action-packed downloadable video game for home consoles. It has won a number of awards, including best of show at the Penny Arcade Expo 2012 and best downloadable game at E3 2012. DrinkBox has recently signed a deal with Sony for a substantial guaranteed royalty payment for the game to be released on their PS3 and PS Vita platforms.
Another example is Big Win Soccer, produced by Vancouver's Hothead Games. It was one of the first freemium sports games built for iOS and Android. It reached number one sports title in 25 countries on iPhone. To date, over 200 million soccer matches have been simulated. The CMF anticipates fully recouping its investment in Big Win Soccer over the game's commercial lifetime.
In addition to providing financial support to projects, the CMF seeks to further enable the success of the projects it funds by disseminating industry intelligence to its stakeholders, entering into partnerships with industry events, and promoting Canadian content and talent at home and abroad.
With respect to industry intelligence, the CMF commissions research on emerging topics, often in partnerships with other Canadian or international organizations. For example, this year, the CMF partnered in a study that Mr. Kelso mentioned, New Directions for the Financing of Interactive Digital Media in Canada, which examined the financing landscape for Canadian-owned companies in the interactive digital media industry. The findings of this study may be of particular interest for the committee's examination of potential incentives for the growth of this industry.
In summary, the study found that the future growth of the sector relies on a supportive business environment, ensuring access to the right forms of financing at the different stages of corporate growth. Given the dominance of small and medium-sized companies in this sector, most of which achieve revenues of less than $1 million annually, the study points to a generalized need for early-stage investment capital, particularly through venture capital and angel investment, as well as financing of operating cashflows.
Another priority for the CMF this year has been to partner in supporting the update of the Canadian Interactive Industry Profile, which Mr. Kelso also mentioned, which was last published in 2008. The study is now under way and should be completed in 2013.