[BugsBunnySan]

In a different field (digital cinema) the above is being done for color, lookup the ACES colorspace and workflows...

(Very) Basically the camera's recording goes through a process to make it into a standardized ACES colorspace. It will then being processed by editing, VFX, grading, etc... and then there's output transforms from ACES for each output device, like a cinema projector, a home TV or a mobile phone.

And yes, AFAIR, that does need grading for each targeted output device, because of how we see and perceive color depending on the environment we're in...

It would be awesome (EDIT: to have something like that) for music as well