The storied music empire started by the late Michael Gudinski will slash the number of its labels and consolidate into one group in its biggest restructure in two decades, amid a rapidly changing streaming and artist rights market.

Mushroom Group has launched Mushroom Music, a recording, publishing and rights division that represents the likes of Vance Joy, Kylie Minogue, Jimmy Barnes, The Teskey Brothers, Amy Shark and Red Hot Chili Peppers.