Bad Wolf: A Decade of Unprecedented Growth and Economic Impact in the UK

Bad Wolf Marks 10 Years of Transformative Impact on the Creative Sector with Economic Impact Report revealing its UK production spend generated over £880 million worth of economic benefit

Bad Wolf, the largest independent production company in the UK in 2024, reveals the remarkable milestones it has achieved over the past decade. A new economic impact report shows how the company has generated over 11,000 Full Time Equivalent (FTE) jobs and £880 million in Gross Value Added (GVA) for the UK economy since its inception.

Based on turnover, Bad Wolf outperformed every other production company in the UK in 2024, solidifying its position as an industry leader.  Between 2015 and 2025, Bad Wolf invested £736.7 million in the production of 20 television series in Wales, resulting in 4,044 FTE jobs and £258.1 million in GVA for the Welsh economy.

These economic benefits underscore the huge impact that the company has had in the UK as a whole, and the significant loss that would have been incurred had Bad Wolf not been located in Cardiff and not utilised Welsh crew and services.

Bad Wolf’s commitment to job creation is self-evident. The company was the biggest creator of new jobs in any sector in Wales’ Fast Growth 50 list from 2017 to 2019, creating 58% more jobs than the second company on the list. Over the past decade, Bad Wolf created 2,101 FTEs of employment for Welsh crews, who earned £86.1 million from their work on Bad Wolf projects.  Additionally, the company has employed an estimated 2,652 individual Welsh residents as crew during its first 10 years of operation in Wales.

A significant portion of Bad Wolf’s expenditure remains within Wales, with around 47% of its production spending (£347.1 million between 2015 and 2025) directed towards payments to labour, suppliers, and intellectual property holders based in Wales.  Furthermore, an additional £40.4 million of expenditure in Wales resulted from Bad Wolf’s corporate operations, including the operation of Wolf Studios Wales.

The Welsh Government’s investment in television programmes produced by Bad Wolf, mostly produced at Wolf Studios Wales, has yielded substantial returns. For every £1 million invested, the Welsh economy has benefitted from £23.5 mi  llion in additional GVA and 368 FTEs of additional employment.

Bad Wolf’s impact extends well beyond the Welsh borders, contributing significantly to the UK economy as a whole.  Between 2015 and 2025, Bad Wolf generated 11,613 FTEs and £881.5 million in GVA for the UK economy. This total UK-wide impact included 4,821 FTEs and £425.8 million in GVA directly within the television production and post-production industries in the UK.

Bad Wolf’s achievements over the past decade highlight its pivotal role in driving economic growth and job creation in both Wales and the UK. As the company continues to innovate and expand, its contributions to the industry and the economy are set to grow even further.

Founded in 2015 by Jane Tranter and Julie Gardner with support from the Welsh Government, Bad Wolf has grown from a bold vision into the UK’s largest independent production company based on turnover.

The extensive report by Saffery and Nordicity has reported that, over the past decade, the company has generated £736.7 million in production spend, with £378.6 million retained in Wales, and £344.1 million in GVA for the Welsh economy. The company also created 11,613 FTE jobs across the UK and attracted £222 million in foreign direct investment.

Jane Tranter 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.

Eluned Morgan, First Minister of Wales 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.”

The Welsh Government’s strategic funding of Bad Wolf has yielded exceptional returns, with £23.50 in GVA for every £1 invested and 368 FTE jobs created per £1 million of support.

A Sustainable Screen Sector

Bad Wolf’s impact goes far beyond economics. The company has built a sustainable ecosystem by investing in infrastructure, talent, and education. Its creation of Wolf Studios Wales and the launch of Screen Alliance Wales (SAW) has been instrumental in developing local skills and promoting diversity. SAW has facilitated 579 work placements, 192 traineeships, reached 74,330 people via in-person and digital outreach, and hosted 5,434 studio visits for Welsh youth.

Ron Jones, Chair of Tinopolis and former Chair of the Welsh Government Creative Industries Sector Panel, said: “At the heart of the Bad Wolf project has been a team of people who were determined to achieve commercial success whilst working just as hard to embed their company in the community. The partnership with Screen Alliance Wales continues to be the role model for finding talented youngsters and mentoring them into career pathways.”

Creative Growth

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 Economic Impact Report notes that Bad Wolf has generated £258.1 million in GVA in Wales. The company’s ethos of fair access and open recruitment has helped tackle social exclusion and promote equality, with a strong emphasis on supporting underrepresented communities.

Rachel Jones, Chief Executive of Arts & Business Cymru, said: “A&B Cymru has had the pleasure of working with Bad Wolf on a range of its inspirational partnerships with the arts. Without exception, they have consistently had a tangible, positive impact on people and communities, providing unique creative opportunities while making a genuine contribution to diversifying the film industry in Wales.”

Looking Ahead

As Bad Wolf enters its second decade, its role as an anchor institution for Wales’ screen sector is more vital than ever. With continued investment in talent, infrastructure, and storytelling, the company is poised to lead the next phase of growth for the UK’s creative industries. The future, however, 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.

About Bad Wolf

Since launching in 2015, independent production company Bad Wolf has produced an ambitious slate of award-winning high-end dramas from its base in Cardiff, Wales. This includes three seasons of the acclaimed finance drama Industry for HBO/BBC; three seasons of His Dark Materials for BBC/HBO; three seasons of A Discovery of Witches for Sky/AMC; two seasons of I Hate Suzie for Sky/HBO Max; and ITV’s hit thriller Red Eye. Between 2023 and 2024, Bad Wolf produced the 60th Anniversary and Christmas specials of Doctor Who and two full seasons with Ncuti Gatwa as the 15th Doctor – with BBC Studios for the BBC and Disney Branded Television. Recent productions include Dope Girls for the BBC/Sony. Currently in production is a fourth season of Industry for HBO, a second season of Red Eye for ITV, and new dramas The Other Bennet Sister for BBC and The War Between the Land and the Sea for BBC and Disney Branded Television. Future projects include a drama based on Metropolis from the bestselling book series Berlin Noir with Playtone. Sony International Television acquired a majority stake in the company in 2021.

YOU CAN READ THE FULL ECONOMIC IMPACT REPORT DOCUMENT HERE