A new file format that offers separate volume controls for each musical instrument, such as guitar, drum, base and voice, is being considered as a new Internet standard.

The new .MT9 file format, which a commercial title of “Music 2.0″, was selected as a candidate for consideration at a regular meeting of Motion Picture Experts Group (MPEG), the international body of the digital music and video industry, held in France late April.

“We made presentations to the participants and they were all surprised to see it. They immediately voted to make it a candidate for the digital music standard,” said Ham Seung-chul, chief of Audizen, the company behind the format.

Ham says that the music industry should change its attitude to the market as music is becoming a digital service, rather than a physical product.

One other feature that could be popular is the lack of DRM on .MT9 files.

“It’s like having a CD or cassette tape. Once you buy it, you can lend it to your friends. We don’t want to be too fussy about DRM (digital right management),” he said.

The idea behind .MT9 is cool – and I could see it being very useful for remixers and DJs.

If you know anything more about .MT9 “Music 2.0″ files, let me know in the comments.