The organisation has been winding down operations for over a year, according to sources at Invest NI, the project's original sponsor.
The Government body will not guarantee funds for a successor to NIMIC, which has spent an eight-year history promoting the interests of the Northern Ireland music industry.
An Invest NI spokesperson says, "Invest NI has had a very productive relationship with the principals and NIMIC has made a considerable impact on the music sector,"
"All projects undertaken by NIMIC to develop the Northern Ireland music industry that Invest NI has funded have been successfully delivered. Invest NI is unable to consider further funding to the organisation."
Figures produced by PRS show that last year the music industry contributed £3.2 billion to the UK economy, of which less than 1% was made in Northern Ireland.
The closure has provoked anger among industry players, who say they have been left in the dark for too long.
Belfast-based publicist Stephen Anderson says, "It is shocking that we now have no structural support for the local music industry, and no information as to what is going on. If this was any other business sector there would be hell to pay.
"Northern Ireland has a fantastic legacy of producing great acts such as Snow Patrol, The Undertones, Gary Moore, The Ulster Orchestra, The McPeakes and Van Morrison, but government has completely failed to capitalise on this talent to build a sustainable music business industry here."