Most requested feature after the addition of ‘Audio indicator’ to the music playing tab in Chrome is to ‘click to mute’ that tab, guess what? Chromium team has heard you and added an experimental flag in Canary, after its enable and restart, you can able to click on the audio indicator on a tab to mute that tab, after that, when you hover over the audio indicator on muted tab, it shows ‘This tabs audio is being muted’ message (check the screenshot below).

Google Chrome to natively Show Audio Indicators for Music Playing tabs

Enabling Tab Audio muting in Canary

1. Visit about:flags in Canary

2. Find ‘Enable tab audio muting UI control’  feature and enable it, relaunch Chrome.

This flag "When enabled, the audio indicators in the tab strip double as tab audio mute controls. This also adds commands in the tab context menu for quickly muting multiple selected tabs. #enable-tab-audio-muting".

Mute Audio tab Chrome

This is what Peter Casting, Senior Software Engineer for Chrome UI team said on Google+

"I’ve heard several times that people liked the audio indicator we added to Chrome tabs, but thought they could click it to mute the tab in question.

As of last night, there’s an experimental flag to provide such UI". 

Don’t get overjoyed, this feature may not get into stable channel, but the flag is available on Dev. channel also.  Read this for more details.

We’ve tested it both on Canary and dev, and it just worked fine.