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Speakers probably, newer trains over here have great audio quality. For live announcements, add microphone quality and/or noisy cab environment — those suck even in newer trains, e.g. conductors are often essentially speaking into a phone handset.
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For the stations I know there's a lot of acoustics work going on re. generally dealing with the big rooms and dynamically adjusting volume to noise levels etc., but I think it's doable. Again, for live announcements the microphones usually aren't exactly studio-quality 😅
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