Dynamic loudness equalization of received audio content in a playback system, using metadata that includes instantaneous loudness values for the audio content. A playback level is derived from a user volume setting of the playback system, and is compared with a mixing level that is assigned to the audio content. Parameters are computed, that define an equalization filter that is filtering the audio content before driving a speaker with the filtered audio content, based on the instantaneous loudness values and the comparing of the playback level with the assigned mixing level. Other embodiments are also described and claimed.