A method, apparatus and computer program product are provided to adjust audio file playback in terms of volume and/or compression. By example, a method separates an audio file into tracks, each attributable to a different instrument. The method also determines the instrument for which the audio signals are dominant or loudest and accesses settings for the volume preference of the audio signals attributable to each different instrument. The method modifies the setting for the volume preference of the audio signals attributable to the instrument that is dominant or loudest based on user input altering a volume at which the audio file is output without modification of the setting for the volume preference of the audio signals attributable to another instrument. The method also amplifies or attenuates audio signals based upon the modified setting.