S4C's effect on the Welsh economy is worth almost £90m this year, according to a new report.
The report also says the channel is responsible for sustaining more than 2,100 jobs in the independent television sector and other fields.
Cardiff University carried out the research for the report commissioned by S4C.
S4C Authority chair John Walter Jones said the findings showed the channel's "economic contribution" to Wales.
The report found that over the last two years S4C and independent television production companies have invested almost £900,000 in training schemes in partnership with Skillset and the Welsh Assembly Government.
Mr Jones welcomed the report's findings, saying: "The report shows clearly the economic contribution S4C makes at all levels in Wales, promoting investment in new technology and training, stimulating enterprise and helping to secure economic stability in communities throughout Wales."
As part of the UK government's spending review in October, the Department of Culture, Media and Sport (DCMS) announced funding for S4C would pass from the government department to the BBC.
The BBC will take over part-funding of S4C from 2013, with DCMS reducing its grant by 94% over the next five years.
UK Culture Minister Ed Vaizey has said the UK government is "committed to Welsh programming and committed to S4C".
He said the channel had received a "very generous funding settlement".
S4C is pursuing judicial review of the decision to transfer responsibility for its funding to the BBC.
Earlier this week, the leaders of Welsh Labour, Plaid Cymru, the Welsh Conservatives and Welsh Liberal Democrats wrote to the UK government calling for an independent review of S4C.
Carwyn Jones, Ieuan Wyn Jones, Nick Bourne and Kirsty Williams said "political stewardship of S4C has been insufficiently vigilant."
Welsh-language pressure group Cymdeithas yr Iaith Gymraeg (The Welsh Language Society) is organising a rally in Cardiff on 6 November to protest at the changes to S4C.