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For a bit of an overview and some history, Wikipedia has this to say:
Audio mastering - Wikipedia, the free encyclopedia
Mastering is the last step between the "Creative Impulse" that caused you to create your track/album and your intended audience, regardless of the delivery medium. The process could be viewed as the final polish before your track is set off into the world. Mastering can be a lot more than the final polish though. It may be restorative, clinical or just the final polish. Either way when you do set your track off into the world, it will have to stand on what it presents to your audience.
So therefore the short answer is: "No", you don't. But...
"Yes", but...
With the advent of relatively inexpensive and capable DAW's (Digital Audio Workstation's) and associated software/hardware, it is now easily possible for anyone to complete the Mastering stage themselves. Additionally, it can usually be done within the same DAW used to compose, perform, record and mix the track.
Gone are the days of separate software packages for Composing, Audio Recording and Mixing. Digidesign's (now Avid) ProTools was originally a digital audio recording and mixing system, while Steinberg's Cubase was a sequencing package. Both of these packages, and others as well, can now cover all of the stages from the point just after "Inspiration" to the "Presentation" of the track to the final delivery system, including Mastering as well.
Some reasons to have another person do your Mastering:
Yes, there are things that Mastering "Can't" do. Following is a list of things that Mastering your track will not fix entirely.
The results of the Mastering stage are very dependent on the stages preceding it. If any are poor then the potential for the song has already been compromised. Your track is only as good as its weakest link.
Is it possible to have a Good Song and a Poor Track?
Yes.
Is it possible to have a Good Track and a Poor Song?
Yes and No.
High Production Values do not change the underlying material.
Preparing for Mastering commences the moment you start to record and only really ends when you present the pre-master track to the person who is going to Master it.
The following shows the stages your track progresses through on the way to your audience.
The results of the Mastering stage are very dependent on the stages preceding it. If any are poor then the potential for the song has already been compromised. Your song is only as good as its weakest link.
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