His fellow band members said that Taylor died of natural causes on Saturday.
He had played piano, keyboards and organ and was known as the band’s “Beard Guy”.
The band, from Ontario, became famous in 2012 with a cover of Gotye’s Somebody I Used To Know.
The YouTube video, which featured the five musicians playing a single guitar, was watched more than 185 million times, making it one of the most popular clips of that year.
The band said: “It is with profound sadness that we announce the passing of our beloved brother and band member, Mike ‘Beard Guy’ Taylor.
“Mike had a love for life that was unmatched and a willingness to give that went beyond ordinary means.
“He passed peacefully from natural causes last night in his sleep.
“Our deepest sympathies are with his two children, whom he adored more than anything else in the world.
“We ask for privacy for his family in this trying time.”
According to CBC, the group was to perform in Niagara Falls on New Year’s Eve as part of the TV station’s appeal.
Jillian Santella, a media contact for the group, told CBC that they will not be performing Sunday but the event will still take place.
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