KillerRamen
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The support of a 1st party is a big deal. Sony Computer Entertainment and Nintendo have great studios and teams which do help out one another. They also have the support of the designers of the hardware. It would also give them an opportunity to specialize on hardware without having to worry about porting games.How? They are the most effective when they are able to pick their platform. Unlike say Monolith Soft they include many teams.
There's also the marketing standpoint. Fans do tend to show more loyalty for 2nd parties. While Atlus already has a dedicated fan base, the fan bases of Nintendo and Sony are way bigger. By being a part of Sony or Nintendo, they would become a part of their keynotes at E3, Gamescom, PAX, Tokyo Game Show or wherever they happen to be. I also think Atlus is the type of company that Sony or Nintendo would be dying to have. Sony has been building their studios and Nintendo needs more new IPs.
Personally, I think it would be great and I think it would help Atlus sell more games. (2nd Parties make up 7 of the PS3's top games while the top 10 games on the Wii were all made by Nintendo studios.)