What is indicated by the PGM meters in a live setting?

The correct response highlights that PGM meters in a live setting represent the levels being monitored in the control room. These meters display the overall output mix that is being sent to the audience but are specifically designed to provide information about the signal levels that the sound engineers and operators are experiencing within the control room.

By monitoring these levels, sound engineers can make informed adjustments to ensure optimal sound quality for the audience. This is crucial because if the levels are too high or too low, it may affect the listener's experience, leading to distortion or inaudibility. Understanding the output as it is heard in the control room allows for necessary adjustments to be made in real-time, thus ensuring a balanced and clear sound is delivered to the audience during a live performance.

Other options do not align as accurately with the function of PGM meters. Final outputs to the audience are an aspect of what the meters reflect but their main purpose is more about control room monitoring than just the end result. Recording levels for playback pertains to the adjustments made for pre-recorded content, and levels for individual channel mixes focus on specific sounds within a mix rather than the overall output being monitored for the audience.