IntroductionA fundamental question in phantom perception is determining whether the brain creates a network that represents the sound intensity of the auditory phantom as measured by tinnitus matching (in dB), or whether the phantom perception is actually only a representation of the subjectively perceived loudness.MethodsIn tinnitus patients, tinnitus loudness was tested in two ways, by a numeric rating scale for subjectively perceived loudness and a more objective tinnitus-matching test, albeit it is still a subjective measure.ResultsPassively matched tinnitus does not correlate with subjective numeric rating scale, and has no electrophysiological correlates. Subjective loudness, in a whole-brain analysis, is correlated with activity in the left anterior insula (alpha), the rostral/dorsal anterior cingulate cortex (beta), and the left parahippocampus (gamma). A ROI analysis finds correlations with the auditory cortex (high beta and gamma) as well. The theta band links gamma band activity in the auditory cortex and parahippocampus via theta–gamma nesting.ConclusionsApparently the brain generates a network that represents subjectively perceived tinnitus loudness only, which is context dependent. The subjective loudness network consists of the anterior cingulate/insula, the parahippocampus, and the auditory cortex. The gamma band activity in the parahippocampus and the auditory cortex is functionally linked via theta–gamma nested lagged phase synchronization.