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In order to install or update the ACE audio capture component – used by Audio Hijack – you’ll need to enter your Mac’s administrator password.
This administrator password is set by you, and it’s specific to the user account on your Mac. You use this password to log in to the administrator account on your Mac, as well as to access various settings in System Preferences. Note that this password is not something Rogue Amoeba knows or has access to.
For more details on administrator passwords, please see Apple’s User Guide for MacOS.