Research by Saffery and Nordicity reveals £881.5 million economic benefit generated by Bad Wolf

Production company invested more than £700 million in Welsh TV production in last decade, creating more than 4,000 jobs.

New research conducted by Saffery LLP, in partnership with Nordicity, for Bad Wolf, the largest independent production company in the UK in 2024, has revealed the near £1 billion total economic impact generated by the company since its launch in 2015.

Summary of key findings

• £881.5 million total Gross Value Added (GVA) for the UK economy since 2015.
• £736.7 million invested in the television production, with £378.6 million retained in Wales, and £344.1 million in GVA for the Welsh economy in the past decade.
• 11,613 FTE jobs created across the UK, including 4,044 in Wales.
• £23.5 million in additional GVA generated for every £1 million of investment made by the Welsh government in Bad Wolf television production.
• £222 million in foreign direct investment secured.

Bad Wolf’s award-winning productions, including His Dark Materials, A Discovery of Witches, Industry, and Doctor Who, produced in collaboration with partners at BBC, HBO, AMC, and Disney+, have attracted international attention and accolades, while simultaneously nurturing local talent and suppliers.

The research is the second five-year economic analysis conducted by Saffery and Nordicity for Bad Wolf, with the 2015-2020 edition published in November 2021 and subsequently cited by the BBC, industry bodies and in Parliamentary evidence.

Stephen Bristow, partner in the Film and TV team at Saffery, said:

 “Our research underscores just how significant Bad Wolf’s economic contribution has been to both Wales and the wider UK economy over the past decade. Beyond the substantial investment and job creation, the scale of activity has generated a powerful ripple effect through the supply chain – supporting local businesses, attracting foreign investment, and reinforcing Wales’s reputation as a global hub for extraordinary production.

The economic activity stimulated by Bad Wolf, having gone from startup to production superpower, has translated into increased tax revenues, which support public services and contribute to regional and national growth. The effective use of creative sector tax reliefs has been a key enabler in unlocking this investment. The Welsh government’s support for the industry has highlighted how well-structured incentives, investment and tax policy can catalyse growth.”

Jane Tranter, Bad Wolf Founder, said:

“When we returned to Cardiff in 2015 to set up Bad Wolf, 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 UK 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.”

This latest economic impact analysis by the Film and TV team at Saffery in partnership with Nordicity closely follows research conducted for Screen Scotland revealing the continued growth of the Scottish screen sector and, together with the Bad Wolf report, the huge economic success story that is the UK production industry.