Michael Gudinski, a man that can only be described as a true giant of the Australian music industry, has died suddenly, aged 68.

The man behind Mushroom Records and countless influential Aussie entertainment icons died peacefully in his sleep on Monday night.

Mr Gudinski pulled the strings on some of Australia's brightest stars, including Skyhooks, Jimmy Barnes and Kylie Minogue.

He launched Mushroom Records in 1972, at age 20, signing some of the biggest names in music as well as countless smaller acts that never quite saw the same dizzying heights. He also fronted Frontier Touring, putting some of the world's most famous music and entertainment acts on stages across the nation.

"It is with profound sadness that we announce the passing of Michael Gudinski AM overnight," Mushroom Group said in a statement.

"The much-loved Australian music legend died peacefully in his sleep at his home in Melbourne, Australia."

Aussies would be hard-pressed to name a more influential man in music.

"Michael was renowned for his loyalty and dedication. His ability to achieve the unachievable against unsurmountable odds was proven time and again and spoke to his absolute passion for his career and life," Frontier Touring said in a statement.

"Michael's legacy will live on through his family and the enormously successful Mushroom Group - an enduring embodiment of decades of passion and determination from an incredible man."

A born promoter and manager, no man in music knew how to better manage the big names.

"I remember we were doing a show in Melbourne and Jimmy Barnes was in his dressing room punching holes in the wall," said YourLifeChoices podcast host John Deeks.

"I went to Michael and said 'I think Jimmy's upset - he's punching holes in the walls.

"Michael looked at me and said: 'Come and get me when he's putting is head through the wall'.

"He really was a character."

By 15, Mr Gudinski had booked such acts such as The Aztecs and Chain and in 1972, with business partner Ray Evans, booked the inaugural Sunbury Festival.

Not even a pandemic could prevent him from promoting. His most recent project was Music From The Home Front TV concert featuring local musicians.

"Michael's legacy will live on through his family and the enormously successful Mushroom Group ' an enduring embodiment of decades of passion and determination from an incredible man," read a statement from his wife Sue and children Kate and Matt and two grandchildren Nine-Rose and Lulu.

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