I imagine a meeting in the Waves boardroom...
Engineer: "We've got this new reverb, but it's nothing special."
Marketer: "Not special? We in marketing don't believe in that concept! Surely, it's good for something? Think!"
Engineer: "Well, I guess it would be good enough to use on a P.A. or something"
Marketer: "There you go! We'll call it 'IR LIVE' and convince those rubes that it's different from the convolution reverbs they already own."
V.P. of Marketing: "It's settled then. It goes 'on sale' in February."