Streaming Flash Games Startup iSwifter Says Revenue Will Pass $10M This Year

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iSwifter, an iPad app that allows developers to stream flash games to the tablet device, is announcing that revenue for 2011 will past $10 million. That’s impressive considering the company is only a year old.

As we’ve written in the past, iSwifter allows users to browse, play and rate Flash games from gaming portals (like Facebook) on the web, with each game optimized for iPad. The startup actually spun out of incubator YouWeb last year. With iSwifter, Flash does not run on the device at all but it is streamed to the tablet just like a Netflix movie or a YouTube video.

The company makes money off of a subscription-model for monthly gaming, in which users pay $4.99 for unlimited access to Flash social games on Facebook and MMOs. And the company recently revealed that 500,000 people are playing nearly 2,000 Facebook games using iSwifter.

In fact, iSwifter has found that many users (20 percent) are willing to pay for otherwise free games if they can be played on the iPad. Hundreds of thousands of iSwifter users have spent millions of minutes on Facebook with nearly half making In-App Purchases.

iSwifter is also staffing up on engineering talent. Ajit Mayya, former Sr. Director of Engineering at VMware; Lucian Masalar, an architect from eBay, and Pankaj Kumar, previously at Microsoft; are all joining the firm’s development team.