Australian music industry legend Michael Gudinski has died aged 68.

According to a statement from the Mushroom Group, Gudinski "died peacefully in his sleep at his home in Melbourne".

Gudinski is survived by his wife, Sue, and their children Matt and Kate and two grandchildren.

"The family respectfully ask for privacy in this incredibly difficult time and thank everyone for their support," the statement said.

Gudinski founded the Mushroom Group in 1972 at just 20 years old, which went on to become Australia's largest independent entertainment group covering touring, record labels, publishing, merchandising, booking agencies, film and television production and creative services.

Some of Australia's most iconic albums have been released under one of his Mushroom Group record labels.

His touring company Frontier Touring is Australia's leading promoter and has toured acts including Rolling Stones, Ed Sheeran and Paul McCartney since its inception in 1979.

A larger-than-life figure, Gudinski was widely respected for his unwavering passion for all music – in particular Australian music.

Most recently, with the music industry severely impacted by the COVID-19 pandemic, Gudinski conceptualised and developed Music From The Home Front, The Sound and The State Of Music, platforms designed to showcase and support contemporary Australian music in an incredibly difficult time.