The production company behind Doctor Who has warned its “future is by no means certain” in Wales as it marks ten years in business.
Bad Wolf has said declining US investment in productions made outside of America and falling budgets are threatening to elongate a downward trend in the global screen industry.
In a report published to mark the company’s ten years in business, Bad Wolf argued that its “role as an anchor institution for Wales’ screen sector is more vital than ever”.
But it warned that the global screen industry has “changed significantly over the past three years” and that its future in Wales remains up in the air.
Bad Wolf was founded by former BBC executives Julie Gardner and Jane Tranter in 2015 and is majority owned by Sony Pictures Television.
As well as Doctor Who, the business has made A Discovery of Witches and His Dark Materials.
‘Budgets for high-end drama have already reduced considerably’
In a statement, the business said: “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.”
In the report to mark Bad Wolf’s ten years in business, the company said it had generated more than 11,000 full-time equivalent (FTE) jobs and £880m in gross value added (GVA) for the UK economy since its inception.
It also claimed that, based on turnover, it has outperformed “every other production company in the UK”.
Bad Wolf said it had invested £736.7m in the production of 20 television series in Wales over the last decade, which resulted in 4,121 FTE jobs and £281.5m in GVA for Wales.
‘Wales is a hotbed of creative talent’
Bad Wolf co-founder 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.“
Record profit for Doctor Who maker Bad Wolf
At the start of 2025, City AM reported that Bad Wolf’s profit had surged to a new record.
The company achieved a pre-tax profit of £10.5m for the year to 31 March, 2024, up from the £7m it achieved in the prior 12 months.
The last time Bad Wolf reported a pre-tax profit over £10m was in 2020.
However, its turnover declined from £117.3m to £94.2m over the same period.
The company’s UK turnover fell from £91m to £70m and from £26.2m to £24.1m in the USA.
The amount it generated from its projects in production also declined from £95.7m to £72.2m but its turnover from project fees and recoveries edged up from £19.4m to £20.7m. Corporate income fell from £2m to £1.2m.
In February 2024, City AM reported that that Bad Wolf was to spend at least £60m in Wales after securing a new government deal.
At the time Creative Wales, the Welsh Government agency charged with supporting and growing the country’s creative industries, said the deal to provide the company with £4m in funds will enable Bad Wolf to “consolidate its position and continue to grow in Wales”.
The business said it would maintain its principal base at Wolf Studios Wales in Cardiff while the deal will ensure that at least four Bad Wolf productions are shot and produced in Wales in the period up to March 2027.