In the SMF-0 format, all MIDI data from all channels is stored in a single track. The individual MIDI channels are preserved, but the original track structure is lost.
When importing into a DAW or sequencer, the data can usually be split into multiple tracks based on MIDI channels. However, this automatic separation does not necessarily reflect the original organization of the file.
The events within this single track are stored in correct chronological order.
Musically, there is no difference between a file saved in SMF-0 or SMF-1 format – the difference lies only in how the data is organized.
The main advantage of this format is its high compatibility: SMF-0 is supported by nearly all MIDI-capable devices and sequencers and is therefore considered a de facto standard for MIDI file exchange.
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