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We’re SEC Qualified: Let the Games Begin!

I am excited to share with you that Fig Publishing Inc. has just been qualified by the U.S. Securities and Exchange Commission (SEC) to sell Fig Game Shares—PSY2 for Psychonauts 2.  

What does being qualified mean? Two things. First, it means that nonaccredited fans who reserved equity shares related to Double Fine’s Psychonauts 2 will now be able to complete their purchase of Fig Game Shares—PSY2. (We’ll reach out to those of you who placed reservations next week with instructions.)

Second, it means that as of now, Fig is the only crowdfunding publishing platform where non-accredited investors can earn a return based on a game’s sales.

This is a first for our industry. But with Fig Game Shares being the only investment of its type to pass through the SEC process under Title IV of the JOBS Act, it also has the potential to evolve publishing for all of entertainment and fundamentally change the narrative of crowdfunding. Until now, equity crowdfunding for games in the U.S. had been publicly available only to wealthy, accredited investors. Additionally, investors could only purchase equity that offered a return based on the financial performance of a company—not based on  the financial performance of a single game. No longer.

This qualification opens the door for Fig Game Shares, a brand new type of security, one that lets everyone invest in Fig, support the development and publishing of games, and financially benefit from the sales of their favorite games. With Fig Game Shares—PSY2 as a blueprint, we plan to create and qualify with the SEC new series of Fig Game Shares that pay returns based on the sales of additional games..

This week’s SEC qualification is a long-awaited milestone—both for our company and for our industry. It has taken us several months to get here. Part of the reason it has taken us so long is due to the ambitious nature and far reaching implications of our approach. Because Fig Game Shares are innovative in tying returns to a single game’s sales, we needed to work closely with the SEC to answer their questions and to make sure we considered all the ramifications, both to protect investors and facilitate the free flow of capital. After all, it’s not every day that a new type of security is born!

What makes me most excited about this announcement is that we can now move full steam ahead with our initial goal when we launched Fig — to create a community of fans, investors and independent developers, with Fig as publisher, to work together to bring about new, innovative games. We’re especially grateful to our community and to the amazing fans who participated in our campaign for Psychonauts 2.
Now, let’s go make some great games!

IMPORTANT MESSAGE: An offering statement relating to Fig Publishing, Inc.’s Fig Game Shares – PSY2 has been filed with the U.S. Securities and Exchange Commission and has been qualified. Prior to any investment in Fig Game Shares – PSY2, you should review a copy of the offering circular included in such offering statement by clicking on the following link:, or by requesting a copy by phone at 415-689-5789 or by writing to Fig at 599 Third St., Suite 211, San Francisco, CA 94107. No offer to sell any securities, and no solicitation of an offer to buy any securities, is being made in any jurisdiction in which such offer, sale or solicitation would not be permitted by applicable law.

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  1. This seems very interesting, but the big question I’m asking myself is, “How many copies of this game need to be sold in order to break even?”

    Disclaimer – I’m no financial Guru, and there’s probably a lot of fees I don’t know about. I’m just making a simple estimation based on the values provided in the open circular found here:

    Please read this critically as I may have made mistakes or failed to understand the concept of shares.

    TL:DR – about 2,173,000 copies need to be sold for users to break even.

    For these calculations, I will look at the examples provided in the circular, where in one case 3,600 shares are bought, and where 6,000 shares are bought.

    If one unit is sold at the $1.70 price range, and you have one share, your payout is $1.70 / 3,600, which is 4.72 x 10 ^ -4.

    There is a threshold where once $13,333,333 is earned in Adjusted Gross Receipts, the aggregate divident drops from 1.70 to .68.

    It is estimated that 41.96 will be earned when 1 copy of the game is sold. So the maximum number of copies sold for the 1.70 value is 13,333,333 / 41.96, which is 317,762.94 copies.

    The amount 1 share would payout for out the 317,762.94 copies is
    317,762.94 * 1.70 / 3,600 = $150.05.

    That leaves us with 349.95 left in order to break even.

    Since the aggregate dividend is now .68 instead of 1.70, to following is the number of units needed to make up the rest.
    349.95 / (.68 / 3,600) = 1,852,676.47 copies.

    In addition to the previous copies of 317,762.94, we need 2,170,439.41 copies sold just to break even.

    Let’s look at the 6,000 shares case:

    All 6,000 shares are sold, so the aggregate dividend is 2.83, which later gets reduced to 1.13 once the 13,333,333 threshold is met.

    317,752.94 * 2.83 / 6,000 = 149.873.
    We are left with 350.127.

    350.127 / (1.13 / 6,000) = 1,859,081 copies, which, when added to the previous total, is 2,176,844 copies.

    In both cases, a staggering amount of copies need to be sold just to break even!
    I took a look at the unit sales for Psychonauts 1, which can be found here:

    Psychonauts 1 only sold 1,697,073 units. While that seems great, 736,119 of those were during a humble bundle sale, which is almost half. Humble Bundle deals also sold the game for WAY below retail price, so the aggregate dividend on those sales would be much, much lower.

    As much as I love Psychonauts, this doesn’t seem like a good investment. Even if everyone who played Psychonauts 1 bought Psychonauts 2, we still wouldn’t break even.

  2. Congratulations, Fig! I’m new here – I came in for Wasteland 3, which will hopefully work out under this very model – but I’m already excited to see how this goes, and I’m looking forward to my first investment.