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.
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