The future of Rolling Stone Australia, the local edition of what has long been considered the rock and roll bible, looks to be in doubt, with the magazine understood to be ceasing publication.

Publisher Paper Riot Pty Ltd has gone into external administration, according to an ASIC filing, signalling the end for the magazine, which has a small staff based in Sydney.

The decision is expected to result in a handful of job losses, while some contributors owed money will be forced to try to claim that cash through the liquidation process.

The ABC has contacted Paper Riot for comment.

"As much as the money is important to me, I'm more concerned about the people who are losing their jobs and income," contributor Bernard Zuel said.

"And the music industry is losing one of the last magazine titles we have left."

The magazine business has been a major victim of the digital disruption, and Rolling Stone's American edition, the original and groundbreaking cultural icon, has seen value write-downs over the years and has been criticised for its devotion to nostalgia acts of the baby boomer era.

It also suffered reputational damage in the wake of a story about a rape on a US college campus that resulted in a high-profile lawsuit.

The magazine's founder, Jann Wenner, sold his remaining stake last year.

'Sad to lose them from the landscape'

The Australian edition, which has been around since the 1970s, changed hands several years ago, when Paper Riot took over the franchise from its former publisher Bauer Media.

At the time, Paper Riot's Matt Coyte told Mumbrella: "While Bauer didn't necessarily see it as a viable business for a small operation I thought it was a very viable business, and I look forward to doing some of the things that being a smaller business will allow me to pursue."

Writer Doug Wallen, who has contributed to the magazine for about a decade, said it would be a shame to see a publication with the kind of name recognition of Rolling Stone go away.

"It's sad to lose them from the landscape, but I guess it's not surprising the way things are going."