Turning to the media investment budget, we are pleased to finally see the figures on the media investment budget. I understand that some of the projects are yet to reach their full commercial potential. but having waited so long for this information, it is disappointing to see that the actual performance of the fund is so far from initial projections. Of the seven projects managed by the Welsh Government, only one has recouped any money. For a total investment of over £5.1 million, only £75,000 profit has been made, and this is insufficient

The picture looks a little better if we look at the projects previously managed by Pinewood, but it still shows that less than half of the nearly £10 million invested has been recouped. It’s not a case of regretting the fact that the profits are so little after all this time. Rather, it's a shock to see the losses are so great, and I would like to understand the Deputy Minister’s view on the reality of the situation.

The media investment budget was supposed to be an investment fund, generating profits that were to be reinvested in further productions, but it was also meant to guarantee spend by major productions in Wales. The Wales Audit Office report states the intention of establishing a £30 million fund was to generate a £90 million spend in Wales. But, since 2014, only half of the budget has been spent, and it generated just over £25 million in Welsh spend.