Studios were assessed using 2007 sales figures, Metacritic review scores, and an anonymous survey distributed to Gamasutra community members which scored game developers on overall reputation.
The ranking situates Nintendo EAD at the top of the list, followed by Call of Duty 4: Modern Warfare (PC, PS3, X360) developer Infinity Ward and World of Warcraft maker Blizzard Entertainment at two and three, respectively. Shacknews community darling Valve ranked at number five, and BioShock creator 2K Boston appears as 13th.
"Nintendo's incredibly accessible and well-designed games continue to support its hardware success, which is why they reached the Top Developer spot," said Game Developer Magazine publisher Simon Carless. "The mix of Western and Japanese developers in the Top 20 shows a flourishing world ecosystem for game development."
For a full rundown of the top 50, check out the complete list.