After five years at Greenwich's The O2 complex and more than half a million visitors, the British Music Experience will shut its doors tomorrow (April 30).
The museum, now looking for a new home, says it has taken the surprise decision because it needs "a more sustainable home".
Opened in 2009, the venue displayed a collection of contemporary British music memorabilia and, in its first year saw exclusive gigs from Bon Jovi, Jamie Cullum and Jeff Beck, as well as temporary exhibitions on legends like Michael Jackson and Queen.
It also ran a successful public programme with masterclasses, songwriting clinics and panel discussions with emerging musicians and veteran artists.
The closure has been announced by trustees, who will consider how best to make improvements and increase visitor numbers.
Trustee chairman Harvey Goldsmith said: "AEG have been fantastic in supporting the museum from its inception.
"When the idea for a home to house the rich history of contemporary music from 1945 was first discussed, it was AEG who came to the table, helped us create the space at The O2, built it and operated it to date.
"We are eternally grateful for the extraordinary support they have given us.
"The trustees are now looking to the next stage of our development. That means finding a more sustainable home which we hope to have up-and-running in the near future.
"The O2 will be a hard act to follow but we are excited about the prospects for the future."