Of course this should be taken metaphorically, different colours - different creatures - different ways of being.
This song celebrates the diversity in life. and the beauty of this diversity.
The singer performing the song (Frank O.Z), has a certain colour in his voice (and a very distinct one at that). that's all a part of it.
The Lyrics were written by Guy Zinger after listening to my tune. He told me that he just saw colours, a multitude of colours. I've attached the lyrics here for you to enjoy.