[RhysJR]

In the latest accounts (p105), advertising only brought in £1.3m, so it wouldn't be an insurmountable problem.

adroddiad.s4c.cymru 

Gosh, I had an idea it was small, but never that tiny.

For comparison, BBC licence fee money accounts for £88.8 million of funding as of April 2022.
www.bbc.co.uk 

Worth noting that a chunck of that money used to come from government in 2010, before being gradually transferred over to the licence fee like the World Service.
www.theguardian.com