The Giant Screen Cinema at in Birmingham is set to close after a financial review showed it had not come "anywhere near to breakeven".
The complex said that, following a full review of the commercial viability of the screen, it had taken the decision to start a consultation process with staff to explore alternative uses for the auditorium and event space. Eleven posts are at risk.
The statement added: "It is proposed the Giant Screen will cease its operation as a permanent commercial cinema from January.
READ MORE: {}
"The auditorium would continue to function as a multi-purpose space screening educational documentaries and increasingly for conferences, hires and major events."
Chief executive Philip Singleton said: "Millennium Point is a real success story - over the past six years we have made a good return and we continue to do so.
"This gives us an opportunity to financially support our founding partners and deliver great events ourselves.
"We are proud that has grown and become so much more active since we were the first big arrival here. We are ambitious and will be looking for new collaborations in the future.
"As something of a counterpoint to this, the performance of the giant screen has been reviewed constantly over the last two and a half years since I have been in this role and it has not succeeded in being anywhere near breakeven.
Most Read
"In fact, it is a very significant drain on money. So we are looking to review the use of the space."
He said Millennium Point was proposing to move away from being a commercial cinema destination but would continue to show educational films to schools.
He added: "We will obviously take a serious look at how the space could be used in new ways as a rather special auditorium.
"To stop doing something is tough when it potentially impacts on my team's jobs and roles.
"If we proceed, I do envisage this to mean that jobs will potentially reduce here and we are making sure that we handle this with care."
The Giant Screen Cinema will be open as usual while the consultation process with staff takes place and all current bookings will be honoured.