Pinewood film studio in Cardiff is costing the taxpayer almost £400,000 a year, according to a Welsh audit report.
The report has revealed the Welsh Government made a three-year 'management service agreement' with Pinewood which started on 1 November 2017.
It said the estimated net cost of this agreement to the Welsh Government is almost £392,000 per year plus an additional annual management fee payable to Pinewood.
The studio opened in Wentloog in 2015, in a building formerly used by environmental company G24i.
In 2014, the First Minister Carwyn Jones said Pinewood would'boost Wales' film-making reputation' and attract major studios and producers to work in Wales.
Only 14 films and TV projects have been supported, recouping just £4.3 million of the investment, according to the Welsh audit report.
The studio has been used for productions including Sherlock and Journey's End.