Analog Versus Digital Recordings: The Main differences
The basic differences between analog and digital recordings

An analog recording is one in which the original sound signal is formulated onto another physical signal carried on (typically) the groove of a gramophone disc or the iron filings of a magnetic tape. A physical quantity in the medium, or the intensity of the magnetic field, is directly related, or analogous, to the physical properties of the sound, hence the term analog.
On the other hand, a digital recording is produced by converting the physical properties of the original sound into digital information, transformed into individual bits. These bits can then be decoded for reproduction. The downside of this method is that the conversion process can be susceptible to noise and imperfection. However, as the individual bits can be recovered, the nature of the physical medium is immaterial in recovery of the encoded information.
Both analog and digital systems are capable of yielding high-quality sound. However, digital systems have a principal advantage over analog ones in its lower cost. High-quality open-reel analog tape and related hardware is expensive to buy and maintain, while with digital systems, high quality sound output is achievable with very low manufacturing cost and in mass-produced devices.
Why are analog systems so expensive? Analog systems require high-quality mechanical and electronic performance all the way through the audio-chain - recording, production, and finally playback by the consumer. Digital systems, on the other hand, are only dependent on the electronic performance of the equipment. Any noise or distortion generated by the equipment is easier to reject since the signal information is conveyed as a digital (binary) code.
Sound distortions like wow and flutter might be caused by the imperfections in the mechanical performance of the analog equipment. For digital systems, time-instability can degrade system performance.
Application of error-correcting codes helps to prevent data loss and/or corruption after a signal has been converted into a digital format, which allows digital formats to have a higher resistance to deterioration than analog formats. However, it is possible for poorly produced digital media to result in data loss, one example being laser rot, which was most troublesome to the Laserdisc format. There can also be difficulties related to the use of consumer recordable/rewritable compact discs due to poor CD recordable drives and rewrites.
Digital copies and regenerations, unlike analog dubs, are exact clones. Unless DRM restrictions apply or mastering errors occur, they can be made infinitely without degradation. Digital systems have the ability for the same medium to be used with arbitrarily high or low quality. This encodes methods and number of channels or other content, unlike mechanically pre-fixed speed and channels of practically all analog systems.

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With many of the newer consoles, you get the best of both world with digital control and analog summing, for warm, punchy sounding recordings.

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