[muzakthings]

Exactly. Typically you won't see radio/streaming services messing around with reverb, but certainly different stereo systems have their own EQ (changes phase, amplitude) and often times the format/bitrate (again: phase, amplitude) or loudness (amplitude) will be different.

Most people don't realize this, but usually artists/labels will have a different mastered version of a song on each platform. Spotify, for instance, has it's own normalization algorithm that it puts tracks through to even out the listening experience in terms of loudness (RMS). Of course artists and their mastering engineers want to have some control over how that sounds, so they will change it.