Mastering is the final stage in the audio-production process and happens after mixing. The term originates from a time before digital masters, when a “master copy” of the file would be printed to some form of data storage device, like magnetic tape once the mix was done. This copy would then be used to create all other copies of the file.
Nowadays, mastering consists of processing the mix into a single file and giving it final polish, focusing on making sure it sounds the same across different playback systems, like a cohesive whole, and that it’s prepared for different distribution platforms.
Related to: Audio, mixing, tracking, post-production
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