Treasure Co., Ltd. is a Japanese video game company located in Tokyo. It is known for creating action, platform, and fast-paced shooting games. The company was started in 1992 by people who once worked at Konami. They wanted to make original games and avoid relying on repeating previous ideas. Their first game, Gunstar Heroes (1993), was released for the Sega Genesis and received strong praise. This game helped shape the company’s creative and action-focused style. Treasure’s goal has always been to create games they enjoy, even if those games are not always the most popular.

In the 1990s, Treasure gained a special group of fans for its action games. At first, their games were only available on Sega systems, but they later released games on other platforms in 1997. Critics praised Treasure, calling it one of the top Japanese independent game studios and 2D game developers. However, the company made fewer games in the 2010s. Their most recent game was Gaist Crusher God, released in 2014.

History

Masato Maegawa, the founder and president of Treasure, dreamed of working in the video game industry when he was young. He began learning computer programming in junior high school and continued studying it in college. After graduating, he was hired by Konami, a company that creates and publishes video games. At Konami, Maegawa and others who later helped start Treasure worked on many games, including arcade games like The Simpsons (1991) and Bucky O'Hare (1992), and Super NES games like Super Castlevania IV (1991), Contra III: The Alien Wars (1992), and Axelay (1992). In 1991, Maegawa and other Konami employees began planning a new game called Gunstar Heroes (1993), but Konami rejected their idea. Maegawa and his team felt frustrated because Konami focused too much on making more games from popular series like Castlevania and Teenage Mutant Ninja Turtles. They believed players wanted original games, so they left Konami in 1992 to start Treasure and continue working on Gunstar Heroes.

Treasure was founded on June 19, 1992. The name "Treasure" came from the team’s goal to be valuable to the video game industry. When the company started, it had about ten people. Most of the staff had worked on Super NES games at Konami, but they wanted to make Gunstar Heroes for the Sega Genesis because the system’s computer part, the Motorola 68000 microprocessor, was needed for the game’s visuals and gameplay. Treasure asked Sega to publish their game. At first, Sega refused because Treasure had no previous work, but they instead asked Treasure to make McDonald's Treasure Land Adventure (1993). After working on that game for several months, Sega allowed Treasure to develop Gunstar Heroes. Treasure split its staff into two teams to work on both games at the same time. At that time, the company had about 18 employees, mostly former Konami programmers. The staff felt they had more freedom working with Sega than with Konami.

McDonald's Treasure Land Adventure was completed first, but Treasure decided to release Gunstar Heroes first because they wanted their first game to be original. A North American magazine called GameFan was very excited about Gunstar Heroes and did the first English-language interview with Treasure that year. McDonald's Treasure Land Adventure was released next, starting a trend for Treasure to make games based on licensed properties. As a small company, Treasure needed money from licensed games to fund original projects. Treasure continued making games for the Sega Genesis during the 16-bit era because of the system’s smooth movement of game characters, and they gained a following among Sega fans. After Gunstar Heroes, Treasure split into four teams to develop four games in order: Dynamite Headdy (1994), Yu Yu Hakusho Makyō Tōitsusen (1994), Alien Soldier (1995), and Light Crusader (1995). The variety of these games showed that Treasure’s work was unpredictable, a trait that became well-known.

In 1994, Sega introduced the Sega Saturn to Treasure. Treasure was impressed by the system’s ability to handle many game characters on screen. They knew their fans were all Sega players, so as the 32-bit era began, they moved their development to the Saturn. Even though the Saturn could make 3D games, Treasure focused on 2D games because they had experience with 2D graphics. They were not worried about competition from 3D games. Their first Saturn game was Guardian Heroes (1996), a game that mixed fighting and role-playing elements. Treasure worked on their next two games at the same time: Mischief Makers (1997), a side-scrolling platformer, and Silhouette Mirage (1997), another side-scrolling game. Mischief Makers was released on the Nintendo 64 and published by Enix, a company other than Sega. Treasure chose the Nintendo 64 because they were interested in its technology. Enix had wanted to work with Treasure before, but it was only after Treasure developed a game for a non-Sega system that Enix agreed to help. Mischief Makers was followed by Silhouette Mirage, which was first released on the Saturn and later on the PlayStation in 1998.

In 1998, Treasure released its first arcade game, Radiant Silvergun, a shoot 'em up. Treasure had been hesitant to make an arcade game because they worried about its success, but the staff believed Radiant Silvergun had potential and wanted to develop it. The game was later released on the Saturn. Enix published Treasure’s next game for the PlayStation, the fighting game Rakugaki Showtime (1999), but the game was removed from stores after a lawsuit. This was followed by Bangai-O (1999), a multidirectional shooter that was released on the Nintendo 64 but later changed and re-released for the Dreamcast. By 1999, most of the original Treasure staff were still with the company.

Treasure faced some challenges in the 2000s. A racing game called Gun Beat, which they were making for Sega’s NAOMI arcade platform, was canceled without explanation. Also, Silpheed: The Lost Planet (2000) and Stretch Panic (2001) for the PlayStation 2 were not well received. Despite these issues, Treasure had success with Sin and Punishment (2000), a rail shooter made with Nintendo for the Nintendo 64 and later released in China on the iQue. The game was not released in Western countries but gained a following among fans who imported it. While Sin and Punishment was being developed, Treasure started working on a spiritual sequel to Radiant Silvergun called Ikaruga (2001). The arcade game was made with G.rev and later released on the Dreamcast and worldwide on the GameCube.

Treasure then worked on several licensed games. These included Tiny Toon Adventures: Buster's Bad Dream (2002) for the Game Boy Advance and an unreleased Tiny Toon Adventures: Defenders of the Universe for the PlayStation 2. Other licensed games during this time were Hajime no Ippo: The Fighting! (2003) and Astro Boy: Omega Factor (2003) for the Game Boy Advance, and Wario World (2003) and Dragon Drive: D-Masters Shot (2003) for the GameCube. Astro Boy: Omega Factor was made with Hitmaker and praised for returning to Treasure’s classic side-scrolling action style. Their next game was Gradius V (2004), co-developed with G.rev. The companies worked for Konami, and the game helped Treasure regain critical

Staff and design philosophy

Treasure does not follow a strict structure. Maegawa explained that Treasure works differently from other companies because they do not assign lead designers. While a project leader may create a plan for a game, most of the design work is done together by programmers and artists. Full-time workers and part-time helpers move between projects as needed. Some people have played important roles in Treasure's history:

Treasure focuses on creating original games in the action, platform, and shooter genres. They do not prefer specific gaming platforms or 2D versus 3D gameplay. Instead, they choose the best option based on the game they are making. The company has never focused much on sales. They prefer to create games they want to make, rather than games that are likely to sell well. Maegawa has always wanted to keep the company small to maintain an independent approach, allowing developers' personalities to influence their games.

Early in their history, Treasure showed little interest in making sequels. Later, they became more open to it. They take pride in creating original ideas and avoiding copying other games or being connected to games already on the market. They have made games based on licensed properties to earn money and fund original projects. Explaining their design philosophy, Maegawa said, "simply, to create the games we want to make" and "creating the things we love in the way we like." The company has usually had about 20 to 30 employees at any time.

Reputation

Treasure was a well-known game developer during the 16-bit era and gained a small but loyal group of fans during that time. USgamer described them as "one of Japan's pioneering indie developers" and noted the "sense of integrity" in their 1990s work, which was different from other games of the era. Maximum: The Video Game Magazine called Treasure "one of the most respected programming houses in the world" in 1996. Gamers' Republic agreed in 1998, stating: "Any action or platform gamer worth his salt recognizes Treasure as one of the finest development houses in the world." In 2005, 1UP.com called Treasure "one of Japan's most famous independent development houses […] releasing some of the most finely crafted, creative, and offbeat action games the world has ever seen." Treasure did not achieve major commercial success, which led Retro Gamer to describe their work as "critically acclaimed yet commercially unsuccessful." Because of their loyal fan base but low sales, prices of Treasure games such as Rakugaki Showtime and Radiant Silvergun have increased on the secondary market.

The company developed a unique style early in their work that remained consistent across their projects. Their first game, Gunstar Heroes, introduced themes that 1UP.com described as "creativity, weirdness, and a tendency toward completely absurd levels of action." Wireframe called their style "fast, aggressive […] featuring bold graphics and surreal dashes of humour." Retro Gamer noted that Treasure has "consistently excellent art direction" and is known for their "action-packed" and "explosive" gameplay. They explained that Treasure is "at the very cutting edge of artistic freedom, forging its own very particular path and creating a softography guided by nothing other than the whims of the creators." The company is recognized for taking risks within established genres, using traditional ideas and adding their own creative elements to create something new and innovative. They became known for their skill in 2D game design, with Gamers' Republic calling their output "the finest 2D platform games on the planet." Treasure is also known for technological innovation; several of their games pushed the hardware to its limits.