Treasure Co., Ltd. is a Japanese video game company located in Tokyo. It is known for creating action, platform, and side-scrolling shooter games. The company was started in 1992 by former employees of Konami who wanted to make original games and avoid relying on sequels. Their first game, Gunstar Heroes (1993), was released for the Sega Genesis and received strong praise from critics. This game helped shape the company’s creative and action-focused style. Treasure’s goal has always been to make games they enjoy, even if they are not the most profitable.

During the 1990s, Treasure gained a dedicated fan base for its action games. These games were originally only available on Sega platforms but later expanded to other systems in 1997. Critics often praised Treasure as one of the best Japanese independent studios and 2D game developers. The company released fewer games in the 2010s, with its most recent title being Gaist Crusher God in 2014.

History

Masato Maegawa, the founder and president of Treasure, wanted to work in the video game industry when he was young. He started learning computer programming in junior high school and continued studying it in college. After graduating, he was hired by Konami, a company that makes and sells video games. At Konami, Maegawa and others who later started Treasure worked on games like The Simpsons (1991) and Super Castlevania IV (1991). In 1991, Maegawa and some Konami employees began planning a new game called Gunstar Heroes (1993). However, Konami did not approve their idea. Maegawa and his team were unhappy with Konami’s focus on making more games based on popular series like Castlevania. They believed players wanted new, original games, so they left Konami in 1992 to start Treasure and continue working on Gunstar Heroes.

Treasure was created on June 19, 1992. The company name came from the idea of being a "treasure" to the video game industry. When it started, Treasure had about ten people. Most of the staff had previously made games for the Super NES at Konami, but they wanted to develop Gunstar Heroes for the Sega Genesis because the system’s Motorola 68000 microprocessor was needed for the game’s visuals and gameplay. Treasure asked Sega to publish their game, but Sega refused at first because Treasure had no previous experience. Instead, Sega asked Treasure to make McDonald’s Treasure Land Adventure (1993). After working on that game for several months, Sega allowed Treasure to make Gunstar Heroes. Treasure split its team into two groups to work on both games at the same time. At that time, the company had about 18 employees, most of whom were former Konami programmers. They felt they had more freedom working with Sega than with Konami.

McDonald’s Treasure Land Adventure was finished first, but Treasure decided to release Gunstar Heroes first because they wanted their first game to be original. A magazine called GameFan in North America was very excited about Gunstar Heroes and did the first English 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 their original projects. Treasure continued making games for the Sega Genesis during the 16-bit era because the system’s smooth sprite movement was ideal for their games. They gained a following among Sega fans. After Gunstar Heroes, Treasure split into four teams to develop four games: Dynamite Headdy (1994), Yu Yu Hakusho Makyō Tōitsusen (1994), Alien Soldier (1995), and Light Crusader (1995). These games showed that Treasure’s output was varied and unpredictable, a pattern that became known for the company.

In 1994, Sega introduced the Sega Saturn to Treasure. Treasure was impressed by the system’s ability to handle many sprites on the screen. They knew their fans were mostly Sega players, so they moved their development to the Saturn as the 32-bit era began. Even though the Saturn could make 3D games, Treasure focused on 2D games because they had experience with 2D sprite technology. They were not worried about competition from 3D games. Their first Saturn game was Guardian Heroes (1996), a beat 'em up that mixed fighting game and role-playing game elements. Treasure worked on their next two games at the same time: Mischief Makers (1997) and Silhouette Mirage (1997). Mischief Makers was released for the Nintendo 64 and published by Enix, a company other than Sega. Treasure chose the Nintendo 64 because they were interested in its hardware. Enix had wanted to work with Treasure before, but it was only after Treasure made 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 avoided making arcade games for years because they worried about their success, but the team believed Radiant Silvergun had potential. The game was later released on the Saturn. Enix published Treasure’s next game, Rakugaki Showtime (1999), but had to remove it from stores after a lawsuit. This was followed by Bangai-O (1999), a multidirectional shooter released on the Nintendo 64 and later modified for the Dreamcast. By 1999, most of the original Treasure staff were still working for the company.

Treasure faced challenges in the 2000s. A racing game called Gun Beat for Sega’s NAOMI arcade platform was canceled without explanation. Two other games, Silpheed: The Lost Planet (2000) and Stretch Panic (2001), were not well received. However, Treasure had success with Sin and Punishment (2000), a rail shooter co-developed with Nintendo for the Nintendo 64 and later released in China. The game was not released in Western countries but became popular among fans who imported it. While Sin and Punishment was being developed, Treasure started work on Ikaruga (2001), a spiritual sequel to Radiant Silvergun. Ikaruga was co-developed with G.rev and released on the Dreamcast and GameCube worldwide.

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 game called Tiny Toon Adventures: Defenders of the Universe for the PlayStation 2. Other licensed games 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 co-developed with Hitmaker and praised for returning to Treasure’s classic side-scrolling action style. Gradius V (2004), co-developed with G.rev, helped Treasure regain critical success after a series of less successful licensed games.

Treasure made sequels to their earlier games on the Game Boy Advance, including Advance Guardian Heroes (2004) and Gunstar Super Heroes (2005). They later made a series of licensed games based on Bleach for the Nintendo DS. Maegawa explained that developing licensed games like Bleach is challenging because the team wants to be creative but must stay close to the original material to avoid disappointing fans. By 2009, the company had 20 to 30 employees.

By 2011, Treasure had only 16 employees. In an interview that year, Maegawa said the company now uses software tools called middleware instead of custom programming to develop games. Treasure also focused more on re-releasing old games as downloadable titles

Staff and design philosophy

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

• Masato Maegawa – Founder, company president, and main producer for all games. He was a programmer for some of the company's Genesis games.
• Hideyuki Suganami – Programmer for Gunstar Heroes, Alien Soldier, Mischief Makers, and Sin and Punishment. Suganami left the company but later worked as a freelancer on Gunstar Super Heroes and Sin and Punishment: Star Successor.
• Hiroshi Iuchi – Director for Radiant Silvergun, Ikaruga, and Gradius V
• Mitsuru Yaida – Programmer for the Bangai-O games
• Koichi Kimura – Director and Artist for Dynamite Headdy, McDonald's Treasure Land Adventure, Stretch Panic, and Wario World
• Tetsuhiko Kikuchi – Often worked as an artist and character designer. Led development of Yu Yu Hakusho Makyō Tōitsusen, Guardian Heroes, Rakugaki Showtime, and Tiny Toon Adventures: Defenders of the Universe.
• Norio Hanzawa – Often worked as a composer
• Yasushi Suzuki – Artist for Radiant Silvergun, Sin and Punishment, and Ikaruga

Treasure focuses on creating original games in the action, platform, and shooter genres. They do not prefer one type of gaming platform 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 make games they want to create, not games that might sell better. Maegawa has always wanted to keep the company small to maintain an "independent-minded" approach and allow developers' personalities to influence their games.

Treasure was not interested in making sequels early in its history but became more open to it later. They take pride in creating original ideas and avoiding copying other games or being linked to games already on the market. They have made games based on licensed properties to earn money for original projects. Maegawa explained the Treasure design philosophy as "simply, to create the games we want to make" and "creating the things we love in the way we like." The company usually has about 20 to 30 employees at any time.

Reputation

Treasure was a well-known game developer during the 16-bit era and gained many fans over time. USgamer described them as "one of Japan's early independent developers" and noted the "strong sense of honesty" in their games from the 1990s, which was different from other games of that time. Maximum: The Video Game Magazine called Treasure "one of the most respected programming companies in the world" in 1996. Gamers' Republic agreed in 1998, stating that "any action or platform game player recognizes Treasure as one of the best development companies in the world." In 2005, 1UP.com called Treasure "one of Japan's most famous independent development companies […] creating some of the most carefully made, creative, and unusual action games ever made." Treasure did not achieve major commercial success, which led Retro Gamer to describe their games as "highly praised but not widely sold." Because of their loyal fans and low sales, prices for Treasure games like Rakugaki Showtime and Radiant Silvergun have increased on the used market.

The company developed a unique style early in its history that remained consistent in all their games. Their first game, Gunstar Heroes, introduced what 1UP.com called Treasure's main themes: "creativity, unusual ideas, and a lot of fast action." Wireframe described their style as "quick, intense […] with bright graphics and humorous moments." Retro Gamer wrote that Treasure is known for "very good design" and is famous for their "exciting" and "energetic" gameplay. They explained that Treasure is "at the forefront of creative freedom, making games based on the ideas of the creators." The company is known for taking risks in popular game types, using common ideas and adding their own creative ideas to make something new and original. They became famous for their skill in 2D game design, with Gamers' Republic calling their games "the best 2D platform games in the world." Treasure is also known for using new technology; several of their games tested the limits of the hardware they used.

Games developed

• Gun Beat (Arcade, was not completed in 2000)
• Tiny Toon Adventures: Defenders of the Universe (GameCube and PlayStation 2, was not completed in 2002)