For all software, rememeber this:

• UPDATE = moving from lower to higher version (basically higher number) in the same product name.
• UPGRADE = buying a higher product in that software family.

For example:
Moving to Melodyne 5 Editor for existing Melodyne 4 Editor users = update
Buying Melodyne 5 Studio by a Melodyne 4 Assistant = upgrade

Registered Melodyne users can order updates and/or upgrades at special India prices from here >>