It happened again to me. This was after quite some hours playing (the process had existed for 12 hours, though this includes time where I left it running in the background). At one point I noticed that there wasn't music in places where it should have been (and the logfile shows there had been lots of "WARN com.fs.starfarer.D.K - Error initializing music source - AL error -1")... and eventually I hit another case in which I think text was supposed to trigger music (here it was talking to Zunya), and it instead displayed that error:
Her tech must be absolutely top-of-the-line, of course.
Runtime Exception: Error initializing music source - AL error 40964
I wonder if there's some effect where something leaks—memory? File descriptors?—and eventually an allocation fails, and that's what causes the error.
After quitting the game and reopening it, the music and that scene work fine again.
Within this instance of the game... I repeatedly reloaded this save where I'm about to land at Eochu Bres, and repeatedly landed and went through the Zunya conversation (and sometimes landed multiple times within a reload, and once greeted a local fleet), as well as alt-tabbing (on Mac it's cmd-tab) out of the game repeatedly to check file descriptor counts... And after about 7 reloads (this whole process taking 4.5 minutes), I reproduced the error again.
I quit the game, and start it back up a third time. This time, I just repeatedly land and leave Eochu Bres, waiting enough time for the music to change... after a while, I figure out it's faster to alternate between clicking on Eochu Bres and clicking on an Eochu Bres Stellar Mirror, because the game doesn't impose any delay between the takeoff and the next landing, and I hear the music immediately on each landing. I do this a bunch of times, and eventually I find there's no music after a landing—in this case onto the Mirror. (Surprisingly, at this point I don't see an error in the logfile.) Land on the planet, no music. I talk to Zunya, and I hit the same "AL error 40964" in the conversation. Took about 5 minutes between process startup and the repro.
Once I'm in this error state, it seems that the "generic music while flying around" does play, but there's no music when greeting a fleet or landing on any planets.
I'd guess there's something about the operation of switching the music that leaks something, although it looks like it's neither memory nor file descriptors. Might or might not be Mac OS-specific. I'll send you the current logfile.