What is Editor Live Update?

Hello , can you explain in short just what is Editor Live Update or point me to a place where i can read about it.

Thank you

Live Update is the term connecting FMOD Studio up to your running game, either Play-In-Editor or a built game.
This allows you to monitor and/or modify events while connected to the game.

Editor Live Update can be used in UE4 for auditioning and authoring events while inside the editor (but not during Play-In-Editor). For example, this will allow you to adjust events that are played through an animation.