Ableton's latest video features the Convolution Reverb that comes with Live 9 Suite. It shows not only how you can use the presets, but also create your own spaces. Convolution reverb is a process used to digitally simulate the reverberation of any space. Based on the mathematical convolution operation, it uses a pre-recorded audio file containing the impulse response of the space to be modeled.
Convolution reverb can capture the ambience of a real space, or real hardware, and recreate it on a computer. You can go even further by tweaking the parameters of the built-in Convolution Reverb Pro to design spaces that could never exist in reality.
It was developed together with Alex Harker at Huddersfield University and includes over 200 IRs from professional acousticians, offering spaces from all over the world, vintage hardware, and more. Quite a few impulses responses of classic hardware were actually recorded in the studio next door.