Media Space, which will be based at the Science Museum, is the result of a tie-up with the National Media Museum (NMM) in Bradford, West Yorkshire.
Asked whether the gallery would be affected by cuts threatening the closure of the NMM, a Media Space spokeswoman said the venue will open on 21 September as planned.
However, she added: ‘We have scaled back the original Media Space programme as a result of the decline in grant aid to date.’
In the development stage, Media Space planned to host three major exhibitions a year, alongside up to six smaller exhibitions or installations.
‘This has been scaled down to two major exhibitions and two smaller exhibitions/installations in the Virgin Media Studio,’ the spokeswoman told Amateur Photographer (AP).
The NMM belongs to the Science Museum Group which says it has had to
deal with a 25% ‘real terms cut in funding’ over the past four years.
The gallery had originally been due to open in the spring.
Media Space organisers subsequently delayed the gallery’s re-scheduled summer opening after the project manager quit for another post.
AP understands that the decision to scale back Media Space’s operations was made late last year.
The gallery is set to showcase a mixture of National Media Museum (NMM) exhibits – covering photography, film, television and the internet.
The Science Museum Group received £38.25m in grant aid from the Department for Culture, Media and Sport in 2011-12.
The gallery will take over a 1,800m2 purpose-built area on the second floor of the Science Museum in South Kensington.
Media Space will open with Only in England: Photographs by Tony Ray-Jones and Martin Parr.
Last year, photographs donated by Michael G Wilson, co-producer of the James Bond films, were sold to help raise hundreds of thousands of pounds for Media Space.
A further £47,000 was raised through the auction of a dinner jacket worn by Daniel Craig in the James Bond movie Skyfall.
On Tuesday, the NMM cautiously welcomed remarks by Culture Minister
Ed Vaizey who suggested that the museum will escape the axe because the
feared Government cuts will not take place.