Null reference exception when calling Play on a SoundEffect or SoundEffectInstance

I’ve just upgraded from Monogame 3.4 to 3.5 and when I call SoundEffect.Play or SoundEffectInstance.Play it crashes with a NullReferenceException, any ideas?

Here’s a sample project demonstrating my problem. Press Z or X to play a sound.

Project is DesktopGL sound is a wav file. I’m using SoundEffect.FromStream but Content.Load has the same problem.