Step 1: Get the sink playing the audio.
Pulse audio command to list the applications which are currently using the laptop speakers. Returns the number which is used to record audio from.
$pactl list sink-inputs | grep -E 'Input #|application\.name'
Step 2: Use the sink number in following command. This will record audio in the out.rec file.
--channel-map stereo --latency=20ms \
--rate 44100 \
--target="80" "out.rec"
Step 3: Convert audio to mp3 increase volume!
$ffmpeg -y -i out.rec -acodec mp3 -af volume=1.5 -b:a 320k "OUTPUT_FILE.mp3"