I like thinking it's literal. Just this guy sitting at home just gushing out his ears and he's crying a bit from the pain but he's still listening to The Verve's new single.
I hate when people say "oh this makes my ears bleed". It's completely beyond hyperbole and not funny at all, for a start. Secondly it's so reactionary it'd be like tasting a food you don't like then saying "OH THAT MAKES MY TONGUE FALL OUT".