Gunstar Heroes was a critical success and helped establish Treasure’s place in the industry. McDonald’s Treasure Land Adventure was their next release, initiating a trend of developing games based on licensed properties. Being a newly formed company, Treasure required the revenue from license-based games in order to fund the development of their original projects.

After the release of McDonald’s Treasure Land Adventure, the company divided their staff into four groups in order to develop multiple titles in parallel of each other. Over the course of 1994 and 1995 they were able to release Dynamite Headdy, Yu Yu Hakusho Makyō Tōitsusen, Alien Soldier and Light Crusader for the Sega Genesis / Mega Drive. Each game was very different from one another covering four different genres and provided variety to their fanbase.

After the end of the 16-bit era, Treasure continued their relationship with Sega and began developing for the Sega Saturn. After the release of Guardian Heroes for the Sega Saturn Treasure branched out to form other partnership, this could have been the result of the Sega Saturn having a small fanbase due to poor sales. Treasure partnered with Enix to develop Mischief Maker for the Nintendo 64, their first game published by a company other than Sega and released on non-Sega hardware. While working on Mischief Makers they continued to support Sega by developing Silhouette Mirage for the Saturn but quickly made the decision to port the game to the Sony PlayStation in order to broaden their market to a larger fanbase.

Treasure entered the new millennia with some early troubles. Their 1999 fighting game Rakugaki Showtime was pulled from shelves after release because of a legal dispute over who owned the characters between publisher Enix and themselves. Gun Beat, a racing game they were developing for Sega’s NAOMI arcade platform, was cancelled with little explanation. Their 2000 release of Slipheed: The Lost Planet and 2001 release of Stretch Panic for the PlayStation 2 both received negative reception upon release. Despite these hiccups, they did find success with Sin and Punishment, a rail shooter that was co-developed with Nintendo for the Nintendo 64. Sin and Punishment was not released outside of Japan but grew a cult following among import gamers resulting in the development of a sequel for the Nintendo Wii that was released worldwide.

They next embarked on a series of licensed projects based on the Tiny Toon Adventure franchise, an Astro Boy game and Wario World for the GameCube. Through the years the company has stayed true to its roots and has never viewed sales as much of a concern. They place emphasis on creating original games in the action, platform and shooter genres.