MacRumors:

Longtime Mac developer Rogue Amoeba today announced the launch of SoundSource 5, the next-generation version of its software utility that gives you much greater control over audio on your Mac.

For those unfamiliar with SoundSource, it lives right in the menu bar and gives you quick access to volume levels and input/output devices, as well as the ability to adjust volume levels and output devices on a per-app basis. Audio effects like equalizers can also be applied on a per-app basis.

I was a beta tester for SoundSource 5 and it works as advertised. I really like the ability to send sound to different apps at different volumes and audio quality. NOTE: SoundSource 5 is NOT yet compatible with the macOS Big Sur beta but Rogue Amoeba promises an update prior to the public launch of Big Sur.