I am not a pro mastering engineer, but when I do pretend to be, I combine both ideas. Here's how:
Each song IMHO must be mastered seperately, however they must be mastered with each other in mind. Each song will need it's own EQ, it's own fades, it's own peak management, etc., however they will have to fit cohesively into the album, blending into each other properly and hitting relatively even perceived volume levels.
Unless one has created a very boring album, there will be variation in the density and dynamics of songs throughout the album, meaning getting balanced perceived levels will have to be done by ear, and be set differently for each song rather than picking a numeric volume level that will be applied the same for every song.
The way I handle that is to master the apparently quietest song on the album. That means the one with the least sonic density, the sparsest arrangement or mix, etc. I'll master that to sound as good as possible and as loud as it will go before it starts to get shrill or start to break up. Then I use that as the reference listening level to which I try to match the rest of the songs.
From there I word from that song outward in the album. For example, if the quietest song - and therefore my reference song - is going to be track 4 on the CD, I'll do track 3 and track 5 next, getting the timbres the volume and the fades/transitions correct. Then track 2 and track 6, etc.
G.
[SIZE=1][B][COLOR=DarkSlateBlue]Glen J. Stephan,
SouthSIDE Multimedia Productions[/COLOR]
[COLOR=DarkGreen]RECORDING RESOURCES AND INFO SITE:[/COLOR]
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