The Theatre Museum of Iceland held its last annual general meeting in Þjóðarbókhlaða on May 23 2019. The decision was made to close the museum and to form a new association of patrons of the performing arts. Sitting on the board are: Börkur Hrafn Birgisson, Lárus Vilhjálmsson and Sesselja G. Magnúsdóttir, and substitute board member Ásgerður Guðrún Gunnarsdóttir.

The museum‘s role and collection will be in the joint hands of The National and University Library of Iceland and The National Museum of Iceland, as per an agreement signed on January 8, 2019.