The crowdfunding drive was set up on Monday by a member of heavy metal band Orange Goblin.
By Friday afternoon, more than £78,000 had been raised.
Organisers of the fundraising campaign on the JustGiving website said they had received donations from rock fans around the world.
All proceeds will be given to dozens of staff who lost their jobs after administrators were called in to South Lanarkshire-based Team Rock.
A total of 73 people were laid off at offices in High Blantyre and London.
A further seven staff have been kept on temporarily to help administrators as they seek a buyer for the firm's assets.
Team Rock ran a stable of rock music magazines as well as the website www.teamrock.com.
Titles and brands included Classic Rock, Metal Hammer, Prog, the Golden Gods Awards and the Classic Rock Awards.
Orange Goblin frontman Ben Ward, who set up the fundraising initiative, said he had been "blown away by the response and generosity of people all over the world".
He said: "A few days ago when I heard the news that my good friends at Team Rock were being made redundant with no pay during Christmas week I just felt that I had to do something."
Orange Goblin will stage a benefit gig in Camden, London, on 5 January to raise money for all 80 Team Rock staff affected by the company's collapse.
Mr Ward said: "All proceeds for the night will go to the JustGiving page in the hope that we can give something back to the journalists that have supported our band and our scene for many, many years."
The crowdfunding initiative is due to run until 6 January.
Administrators at FRP Advisory continue to seek buyers for Team Rock's magazine titles and other assets.
The firm, which was founded in 2012, bought the Classic Rock, Prog and Metal Hammer magazines from Future Publishing in 2013, backed by private equity firm Harwood.
According to the administrators, Team Rock's website attracted more than three million hits per month.
The company also owns an extensive archive of video, radio, images and magazines.
An online campaign to raise cash for staff laid off after the collapse of rock music publisher Team Rock has smashed its £20,000 target.