However, questions remain over how public service broadcasters like S4C are funded.
Since 2022, all of S4C’s public funding has come from the licence fee, an arrangement set to continue until at least March 2028.
S4C also receives around £7.5m a year of additional funding from the UK government, which will rise with inflation.
In its annual report, the broadcaster said it needed to evolve from being a traditional Public Service Broadcaster to a Public Service Media Publisher.
It also explained how it needs to move from “linear or digital” considerations, in order to commission content for distribution across a multiple platforms.
Geraint Evans, S4C’s Chief Executive, said it was a “privilege” to deliver his first report after a year of enhancing viewer services, growing digital presence, and “reinforced our internal identity and ways of working”.
Delyth Evans, S4C’s new chairwoman, said she was “proud” of the continued partnership with the production sector to deliver inspiring, high-quality Welsh content, and “looks forward to building on that success”.