Welsh Government Media Investment Fund has lost more than £9million to date

(Title Image: BBC Wales)

In a letter to the Public Accounts Committee and Culture Committee (pdf), Deputy Minister for Culture, Tourism & Sport, Dafydd Elis-Thomas (Ind, Dwyfor Meironnydd), published figures which showed that the Welsh Government’s Media Investment Fund has lost £9.6million up to November 2019.

Only one project out of fifteen, the war comedy-drama Their Finest, generated a return on investment, standing at just £50,000. Two projects are still in production.

Despite the lack of return on investment to date, the investment fund has generated more than £25.1million of spending in Wales.

Figures also show that Pinewood Studios Wales turned an estimated profit of just under £240,000 during the 2019-20 financial year and is expected to generate a £436,000 profit during 2020-21. Since becoming operational, however, the studios will have still lost £711,000. Pinewood is due to withdraw from the studios in March 2020.