Independent high-end TV production company Bad Wolf has had a near £900m economic impact since its launch in Cardiff a decade ago.
With its primary Wolf Studios Wales in Cardiff Bay its impressive roster of productions, which includes Doctor Who, His Dark Materials and a Discovery of Witches, has generated a gross value added (GVA) to the Ƶ economy, through direct, indirect and induced impacts, of £880m - of which £425.8m has been directly felt in the Ƶ’s television and post-production sector.
The overall GVA impact has created and supported just over 11,600 jobs across the Ƶ. Of these 4,821 are directly within the television production and post-production industries in the Ƶ.
The research, carried out by Saffery and Nordicity, also shows that Bad Wolf has generated £736.7m in production spend on 20 television series, with £378.6m retained in Wales and £344.1m in GVA for the Welsh economy, as well as attracting £222m in foreign direct investment.
Founded in 2015 by former BBC executives Jane Tranter and Julie Gardner, with support from the Welsh Government Bad Wolf has established itself as Ƶ’s largest independent production company based on turnover (2024). It is latest audited accounts for the financial year to the end of March, 2024, it posted revenues of £94.2m and a post tax profit of £10.5m. The business, became majority-owned by Sony Pictures back in 2021 in a £50m deal that provided an exit for Access Entertainment, Sky and HBO.
Over the past decade Bad Wolf has created 2,101 full time equivalent roles for Welsh crews, who collectively earned £86.1m. Additionally, the company has employed an estimated 898 individual Welsh residents as crew during its first 10 years of operation.
A significant portion of Bad Wolf’s expenditure remains within Wales, with around 47% of its production spending directed towards payments to labour, suppliers, and intellectual property holders. Furthermore, an additional £40.4m of expenditure in Wales resulted from Bad Wolf’s corporate operations, including that of Wolf Studios Wales. It also has a sister business based on Los Angeles.
Ms Tranter said: “When we set up Bad Wolf in Cardiff in 2015 we were well aware of Wales’ potential to compete globally, but we could never have imagined achieving so much within a decade. Our current status as the largest Ƶ production company is a testament to Wales as a hotbed of creative talent.
"We owe a tremendous debt of gratitude to the incredible talent that has worked tirelessly over the past decade at Wolf Studios Wales, as well as the unwavering support from Welsh Government and the entire creative community here. This is just the beginning, and we are excited for what lies ahead.
First Minister Eluned Morgan said: “Bad Wolf is a huge success story for Wales. Helped by support from the Welsh Government, the company has gone from strength to strength over the last decade, from a fledgling company to a titan of the TV and film industry. The Economic Impact Report is evidence of the positive impact Welsh Government investment can have. It can result in new jobs, extra skills and enable companies started here to become global successes, as we’ve seen with Bad Wolf. That success has cascaded through many other businesses in our creative industries. “
Huw Thomas, leader of Cardiff Council, said: “Over the past decade, Bad Wolf has been transformational for Cardiff’s economy and the wider region. Their decision to establish a studio here in Splott has helped put our city firmly on the map as a global centre for high-end TV and film production. In doing so, they have created thousands of jobs in the city and across Wales, inspired a new generation of creative talent, and generated significant economic investment in our communities.
" Cardiff’s creative industries are now thriving, and Bad Wolf has made a significant contribution to that growth. As we look to the future, we are excited to continue working with the Bad Wolf team to build on this success and ensure Cardiff remains a world-class hub for creativity, innovation, and storytelling.”
Welsh Government support included its £7m acquisition of the former Japanese-owned 250,000 sq ft Nippon Glass plant from L&G. Bad Wolf then entered into a rental agreement with the Cardiff Bay administration for its studio site, which became operational in 2017. There is understood to be a break in the current lease in around two years time, which could provide an opportunity to acquire the freehold interest. There is no suggestion that Sony would look to move production elsewhere.
The report says that Welsh Government’s strategic funding of Bad Wolf has yielded “exceptional returns” with £25.60 in GVA for every £1 invested and 375 full time equivalent jobs created per £1m of support.
On the outlook the reports adds: "With continued investment in talent, infrastructure, and storytelling, the company is poised to lead the next phase of growth for the Ƶ’s creative industries.
“However, the future is by no means certain for Bad Wolf in Wales. The global screen industry has changed significantly over the past three years, with less investment from the US into productions made outside of America. Budgets for high-end drama have already reduced considerably, and this downturn is set to continue.
"Bad Wolf is resilient and has had to adapt and change over the years. Its strong business and creative base shows that it should be able to weather the storms of any economic uncertainty that will inevitably impact the television sector.”
