That's not running on an A500 though (it requires AGA and a 060 cpu is preferred)
That demo uses the old 14bit-audio trick, and it's actually playing a streaming adpcm-track instead of a traditional mod-file.
Ah! I wondered about the 14-bit audio trick, but I didn't realise it was that crisp. Also, I thought I heard stereo panning, which I didn't think was possible with the 14-bit audio trick. Maybe it was mono, though.
So, was the PCM track composed at all on an Amiga? I'm assuming with a PCM audio track, this demo does not fit on a single floppy!