An audio signal processing system is configured to separate an audio signal into a dry signal component and one or more reverberant signal components. The dry signal component and the reverberant signal components can be separately modified and then recombined to form a processed audio signal. Alternatively, the dry signal component may be combined with an artificial reverberation component to form the processed audio signal. Modification of the reverberation signal component and generation of the artificial reverberation component may be performed in order to modify the acoustic characteristics of an acoustic space in which the audio signal is driving loudspeakers. The audio signal may be a pre-recorded audio signal or a live audio signal generated inside or outside the acoustic space.