When downloading the UE4 plugin, the download link still links to the “4.15” zip file (file name: “fmodstudio10905ue4.15win64.zip”), even though the title says it’s 4.16 compatible (it’s not).
Recompiling from source does no good, since the download zip is 4.15 and isn’t compatible with 4.16.
You were right, it’s possible to compile FMOD from source and have it work in 4.16.
Here’s a quick video that walks you through the process of compiling, for anyone that hasn’t done it before (you can do it!):
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