There’s a Japanese game development studio with 653 employees that’s worked on over 1,000 games since 1979, yet you’ve probably never heard of them. Tose Software operates under a strict policy of never taking credit for their work, never appearing in game credits, and never discussing which projects they’ve touched. They’re the industry’s ultimate ghost developer, and according to financial documents released in November 2025, Atlus and Square Enix are spending more money with them than ever before.
In the fiscal year ending August 2025, Atlus accounted for 22.3 percent of Tose’s total revenue, making them the top client for the second consecutive year. Square Enix came in second at 16.9 percent, a massive jump from the previous year when they were below 10 percent. These numbers represent millions of dollars flowing to a company that actively refuses recognition for the games they help create, raising fascinating questions about how the industry actually works behind the scenes.
What Exactly Does Tose Do
Tose positions itself as a co-development partner rather than a creative studio. When publishers like Atlus or Square Enix need additional development resources for a project, they contract Tose to handle specific aspects of production. This could mean anything from programming support to creating entire levels, porting games to different platforms, or developing remasters of classic titles.
The key to Tose’s business model is their explicit policy of not contributing creatively to the projects they work on. They execute the vision provided by the primary developer rather than injecting their own ideas. This approach serves multiple strategic purposes for both Tose and their clients.
For the primary developers, Tose provides flexible development capacity without the commitment of hiring permanent staff. When a project needs extra hands to hit a deadline or requires specialized technical expertise the core team lacks, Tose can step in without disrupting the creative direction. The primary developer receives all the credit for the finished product, maintaining their brand identity and reputation.
For Tose, this arrangement provides remarkable business stability. They sidestep the backlash when games underperform critically or commercially because nobody knows they were involved. Their reputation isn’t tied to individual game success or failure. Instead, publishers judge them on execution quality, reliability, and technical competence. This allows Tose to secure ongoing contracts regardless of how specific games perform in the market.
Recent Known Projects
While Tose refuses to confirm their involvement in most projects, some collaborations have become public knowledge through credits analysis, developer interviews, or official announcements. These provide glimpses into the scope and variety of work the company handles.
Confirmed or strongly suspected Tose projects include:
- Dragon Quest I and II HD-2D Remake for Square Enix
- Tales of Graces f Remastered for Bandai Namco
- Paper Mario: The Thousand-Year Door remake for Nintendo
- Lightning Returns: Final Fantasy XIII
- Crisis Core: Final Fantasy VII Reunion
- Dragon Quest Treasures
- Various mobile game projects for multiple publishers
Based on recent Atlus releases and the revenue figures, Tose likely worked on some combination of Metaphor: ReFantazio, Persona 5: The Phantom X, Shin Megami Tensei V: Vengeance, or the upcoming Persona 4 remake. The exact nature and extent of their contributions remain unknown, which is precisely how both companies prefer it.
Square Enix’s Growing Dependence
The most interesting revelation in the financial report is Square Enix nearly doubling their spending with Tose year-over-year. Going from below 10 percent to almost 17 percent of Tose’s revenue represents a significant strategic shift for the Final Fantasy publisher.
This timing aligns with Square Enix’s publicly stated goal of moving away from fully owning development studios due to rising costs. In 2022, the company began exploring joint ventures and investment partnerships rather than outright studio acquisitions. Relying more heavily on contractors like Tose fits this strategy perfectly.
Square Enix has a long history with Tose spanning decades. The partnership has delivered numerous successful projects, and the established working relationship means both companies understand each other’s processes and expectations. As Square Enix pushes its multi-platform strategy and expands the reach of existing franchises, having a reliable co-development partner that can handle remasters, ports, and support work becomes increasingly valuable.
Other Major Clients
Beyond Atlus and Square Enix, Tose’s client list reveals the breadth of their industry relationships. Bandai Namco Studio ranks as the third-largest client, which makes sense given Tose’s work on Tales of Graces f Remastered. Takara Tomy, primarily known for toys, comes in fourth, suggesting Tose handles game development related to toy franchises.
Aquaplus, a visual novel developer, ranks fifth among Tose’s clients. Bandai Namco Entertainment (distinct from Bandai Namco Studio) rounds out the top six. This diverse client base protects Tose from over-reliance on any single publisher, though Atlus and Square Enix together now represent nearly 40 percent of total revenue.
The Business Model Advantages
Tose’s ghost developer approach creates a unique market position that’s surprisingly difficult for competitors to replicate. With 653 employees, they represent one of the larger development studios in Japan while maintaining a business model that prioritizes stability over creative recognition.
This setup functions particularly well as a training ground for junior developers. Many people starting their careers in Japanese game development get their first professional experience at Tose. They learn production pipelines, work on major franchises, and develop technical skills before moving to other studios. For Tose, this creates a sustainable staffing model where experienced developers mentor newcomers before those newcomers eventually leave for positions elsewhere.
The constant turnover might seem like a weakness, but it actually serves Tose’s business interests. They maintain lower salary costs compared to studios competing for senior talent. The focus on execution over creative direction means projects don’t depend on specific individuals with unique visions. Processes and technical competence matter more than star developers or auteur game directors.
Historical Context
Tose emerged during an era when ghost studios were common in Japanese game development. During the 1980s and early 1990s, it was rare for individuals to receive credit in Japanese video games. Publishers worried about other companies poaching talented developers, so they kept contributor names out of credits.
As the industry matured and Western practices influenced Japanese development, crediting individual contributors became standard. Most ghost studios either closed, transformed into traditional developers, or started taking credit for their work. Tose is one of the few that maintained the original approach, turning what was once common practice into a distinctive competitive advantage.
The policy that once protected publishers from losing talent now serves a different purpose. It allows publishers to extend development capacity without diluting brand identity. When players buy a new Persona game, they’re buying an Atlus experience. The fact that portions of that experience may have been developed by Tose doesn’t change the brand perception because nobody outside the industry knows about Tose’s involvement.
Frequently Asked Questions
What is Tose Software?
Tose is a Japanese game development studio established in 1979 that works as a co-development partner on projects for major publishers. They have a strict policy of not appearing in game credits and not contributing creatively to projects, positioning themselves as execution specialists rather than creative developers.
How many games has Tose worked on?
Since its establishment in 1979, Tose has either developed or collaborated on more than 1,000 games across multiple platforms. The exact number and specific titles remain largely unknown due to their policy of not taking public credit for their work.
Why is Tose called a ghost developer?
Tose earned the ghost developer label because they work on games without appearing in credits or publicly acknowledging their involvement. They operate behind the scenes, allowing the primary developers and publishers to receive all public recognition while Tose remains invisible to players.
Who are Tose’s biggest clients?
According to fiscal year 2025 financial documents, Atlus is Tose’s largest client at 22.3 percent of total revenue, followed by Square Enix at 16.9 percent. Other major clients include Bandai Namco Studio, Takara Tomy, Aquaplus, and Bandai Namco Entertainment.
What recent games did Tose work on?
Known projects include Dragon Quest I and II HD-2D Remake, Tales of Graces f Remastered, Paper Mario: The Thousand-Year Door remake, Crisis Core: Final Fantasy VII Reunion, and Dragon Quest Treasures. Many other projects remain unconfirmed due to Tose’s no-credit policy.
How many employees does Tose have?
Tose employs 653 people, making it one of the larger game development studios in Japan. The company functions partly as a training ground where junior developers gain experience before moving to other studios.
Why don’t they take credit for their work?
Tose’s no-credit policy is a strategic business decision. It allows primary developers to receive all recognition, helps Tose avoid backlash when games underperform, and positions them as reliable contractors who enhance projects without threatening brand identity. This approach has proven remarkably successful for maintaining long-term client relationships.
Did Tose work on Metaphor ReFantazio or Persona games?
While not officially confirmed, the financial data showing Atlus as Tose’s biggest client strongly suggests involvement in recent Atlus projects like Metaphor: ReFantazio, Persona 5: The Phantom X, or the upcoming Persona 4 remake. The exact nature and extent of their contributions remain unknown.
Can players tell when Tose worked on a game?
Generally no. Tose’s policy of not contributing creatively means their work seamlessly integrates with the primary developer’s vision. There are no telltale signs or distinctive stylistic elements that indicate Tose’s involvement unless officially disclosed.
The Industry’s Open Secret
Tose’s business model represents something fascinating about modern game development. While players and media focus on creative directors, lead designers, and the studios that receive credit, a massive amount of actual development work happens invisibly through contractors and co-development partners. Tose is just the most prominent and longest-running example of this reality.
The fact that Atlus and Square Enix are spending millions with Tose tells us something important about how major games actually get made. Even prestigious studios with strong creative identities rely on external support to ship products on time and within budget. The romantic notion of a unified team working together to realize a singular vision rarely reflects the complicated reality of modern AAA and AA game production.
For Tose, refusing credit isn’t about modesty or lack of ambition. It’s a calculated business strategy that’s sustained the company for over 45 years. While other studios chase critical acclaim, awards recognition, and the prestige of creating original IP, Tose has built a different kind of success. They’re profitable, stable, and essential to some of the biggest publishers in the industry, all while remaining completely unknown to the players enjoying the games they help create.
The next time you play a new Persona game, a Final Fantasy remaster, or a Dragon Quest remake, remember that portions of what you’re experiencing might have been developed by a studio you’ve never heard of, following a business model that deliberately keeps them invisible. Tose has worked on over 1,000 games since 1979, and chances are you’ve played and loved several of them without ever knowing they existed. That’s not a failure of their approach. That’s exactly the point.