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Limiter

Similar in principle to a compressor, a limiter is an audio processor that prevents the amplitude of an audio signal from rising above a certain threshold, regardless of what is happening to the amplitude of the source audio. Dynamics below the threshold are more or less unaffected. Certain compressors can in fact function as limiters if their ratio can be set to infinity:1.

Compressor

Dynamic Range Compression reduces the dynamic range of a signal.

Note this does not necessarily mean a reduction in volume. Effectively compression can be thought of as an automated volume control, raising the level of quiet parts of the part, and lowering peaks.

Why compress?