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I wouldn't say the most important. However monitors are the most subjective so some leeway is given. With things like convertors, the more money you spend, broadly, the better you get. With convertors, its really a question of how much cash you have to blow. If we all had 10 grand to spend on convertors only, we would probably all be using Prism Sound ADA-8XRs or those Apogee AD/DA 16 convertors. Or something in that kind of range.
With monitors you can spend a fortune but some people just don't like the sound of those 3 grand Genelecs. And the sound of your monitors is vastly influenced by the acoustics of your room and where you position your monitors in that room. I remember having my Dynaudio BM5as in my old house. I had one of them about 4 inches from a wall and they never sounded right. Endless flicking of dip switches made some difference but I was still never happy with them until I moved house.
With monitors - more money spent does not equal better product.
I think the issue of monitors keeps coming up and continues to be tolerated because people love to tell others why their monitors rule. Same with synths. When really, we should just sticky something that says:
Advice on buying monitors:
1) Never buy anything without listening to it first.
2) If you like it personally, and you can hear all the things you need to then buy it.
3) Always always always audition loads of monitors in the same price range - you never know when you hear a pair you never considered and really love them. Or if you listen to a pair and you can hear some part of a song you couldn't hear on another.
4) Conversely, don't go out of your way to audition monitors you can no way in hell afford. If you like them bad, then you will just get depressed. I didn't bother to audition anything more expensive than an ADAM p11a - the top end of my budget. I am blissfully ignorant of what lies beyond and thankful because of it.
The most important thing is you enjoy listening to sound whilst you are working. The more you enjoy it, the longer you can work without taking a break. And if you like that then you can build up a hell load of momentum. Thats priceless.
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