Mohammad Choudhry had invested “substantial” money into the Govan Road premises, according to his agent.
The 1930s premises hasn’t screened films since 1981 and shut down in 2006, when a bingo hall was closed.
His vision for the rundown B-listed building includes a cinema, function suite and cafe, but he has seen previous planning applications for work on the building rejected by city planners.
He has now been granted the licence and councillors said it would be good to see the building put back into use.
It is unclear whether he is preparing another planning application for the cinema building.
The city’s licensing board was told that Mr Choudhry had bought the property 10 years ago.
The cinema is listed on the Buildings at Risk Register, and has been targeted by vandals.
Mr Choudhry’s representative said the building had decayed before his client bought it.
Although questioning why the building had got into a state, councillor Alex Wilson, SNP, said: “It is an iconic building in the area and it is good to see it get some form of usage.”
The Health and Social Care Partnership voiced concern about the sale of alcohol in the area from the potential new venue.
