Don’t forget there’s another reason. Reproduction at the time came via CRT TVs which rather than the modern integrated soundbars or high end 5.1 systems, actually came with weedy singular paper cones. These cones had poor slow response times, were tiny and generally incapable of producing low frequencies. As such, replaying a varied high-range soundtrack would be unlistenable on a period TV.
To combat this, low frequencies were reduced and engineers tried to funnel sound through the frequencies that CRT speakers could produce clearly. With the advent of decent reproduction, these now sound hideous and date recordings badly.
I’m no audio engineer, but I assume it’s similar to dynamic range in cameras. Older tech, whether the microphones themselves or the recording side of things, couldn’t accurately capture the full range of a voice (or anything else for that matter). Add on to that that there was likely a lot of noise in the system, especially in situations where you’re pumping a big signal to broadcast the speech live (as in live to a ton of people, not live to air in a studio), and that’s going to make things even worse.
One factor is the recording media, which in combination with microphones can dramatically roll off frequencies at the top or bottom.
Older recordings were on film, tape, or vinyl, which introduced their own artifacts like compression and graininess.
You end up with a reproduction that is missing much of the nuance in human speech, like chest resonance and sibilance, so you get that nasally quality.
It was also a factor in how broadcasters spoke, as someone speaking normally would not be as well understood.
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