The publisher of Brisbane street press Rave Magazine has pulled the plug on the music paper, with today's issue set to be the title's last in its 21-year history.

But there is some hope the title could continue running under new ownership.

An issue of Rave Magazine from 1998, left, and from 2012.

The free magazine's small staff of five were told of publisher Colin Rankin's decision to cease production of the street press at a meeting this afternoon.

It is understood staff had little forewarning of the move to close Rave, other than a message sent out by Mr Rankin last night that a meeting would be held to today to discuss an issue of importance.