Organisers of the Walsall Illuminations have said they will reconsider the event after this year's display had the lowest ever visitor numbers.
Council chiefs said they faced losses of £200,000
Figures show 121,000 people visited over six weeks - down by 40,000 on last year.
Consultants were brought in to try and modernise the attraction but council bosses have now said it could be an "outdated event".
Council chiefs said they now faced losses of £200,000.
Tim Challans, assistant leisure director at Walsall Council, said many elements of the event had to be reviewed, including the possibility of putting it on for a shorter time.
Mr Challans said: "The people who did come enjoyed themselves.
"I'm guessing that perhaps it is an outdated event in some ways. We have tried very hard to update it this year and what we've done has been very successful, but there are other factors that did not work in our favour.
"The council has got to make some decisions about whether to continue with this but it's such a part of the tradition of Walsall and the West Midlands that it's not an easy decision to make."