At the amount of money I've already spent making the film, I'm fairly confident I can make my money back by self distribution online. I guess the decision for me would be: Do I want to spend MORE money to make the film more attractive to other distributors? It's a bigger gamble with potential for a higher reward.
I absolutely agree. My advice generally on IndieTalk is to balance whatever budget you do have, to get a balanced film. By this I mean that you're not going to end up with a better film by spending most (or a disproportionate amount) of your budget on sound. Adding good sound to a poor film does not make it a good film, at best it's probably no more than just a slightly less poor film with good sound!
Having said this, for the very lo budget filmmaker there are audio production value "milestones" or "boundaries" which **can make a big difference. A big difference in terms different distribution "doors" which can be opened or closed and therefore a big difference (potentially) in getting a ROI. A lot of IT members don't seem to realise or consider this when planning their film and therefore end up with something they can't distribute how they wanted. For example, I'm sure most here shoot and edit in HD resolution, without maybe realising that except for Youtube, Vimeo and other public self upload sites, in most cases they can't actually distribute their film in HD!
I'm sure you already know all this MoonShield but for the benefit of others, it's maybe worth mentioning what these audio production value boundaries and distribution "doors" are:
1. The first "boundary" is a 5.1 mix and the "doors" this can open are: 1. Your film **can be accepted into the high tier film festivals. All the major international film festivals demand a film with 5.1 mix for screening. 2. iTunes and many other commercial self distribution channels are now only allowing you to upload HD content if it has a 5.1 mix. With just a stereo mix, your only choices are to upload a SD version or not to use that distribution outlet. It's worth appreciating that in the commercial world "HD" is not just a picture resolution it's a specification, and that specification includes a 5.1 mix. 3. While DVD and BluRay don't technically require a 5.1 mix, in practise a 5.1 mix is in most cases a standard minimum consumer expectation.
2. The next "boundary" (in addition to a 5.1 mix) is the creation of an M&E mix. For those who don't know, an M&E (Music and Effects) mix is a mix containing the entire audio mix but without the dialogue. Having an M&E mix **opens the door to all the commercial distributors and broadcasters. Note that an M&E mix is used for dubbing in foreign languages but is virtually always a standard delivery requirement of the bigger commercial distributors/broadcasters, even if they have no intention of distributing or licensing the film to any foreign language territories. Also note that creating a commercially acceptable M&E mix is usually a very time consuming and therefore expensive undertaking. Balanced against this additional cost is potential access to a whole world of distributors/broadcasters, including those in developing markets who are crying out for decent low budget content.
3. Another boundary is an integrated loudness compliant mix, which is essential for broadcast in a rapidly growing number of territories. The cost of this though is not particularly significant and would (or most certainly should!) be automatically assumed and discussed by whatever audio post person/company you are using.
** I just want to make it clear (in case it isn't), that achieving these audio boundaries does not of course by itself guarantee distribution, it just makes these distribution channels a possibility (opens the door). Whether a distributor will want to buy/distribute/broadcast your film will depend on the content (story, acting, etc.) which brings us back to a balanced approach to filmmaking. Conversely, it doesn't matter how good the content, how great the cinematography, acting or story is, or how good your film is overall, if these audio boundaries are not met those distribution doors will still ultimately be closed!
Again, I just want to make it clear that I'm NOT saying; either make your film with a 5.1 mix or you shouldn't make it at all! I'm saying that when you're planning your film and deciding what it's goals are, for example; if/how/where you would like to ultimately distribute it (if a goal is to make some ROI), then your deliberations must include which of these audio boundaries (if any) you will need to meet. This will then of course inform your decision of how to fund your film and how to allocate the budget to achieve your goals. And, it should go without saying, that it's far more efficient (a cheaper AND better quality final result) to work this out during the planning phase than it is to retro-actively try and achieve one or more of these audio boundaries when the film is otherwise already finished! Once again, this info is aimed specifically at the very lo budget filmmaker because in the traditional commercial micro/low/medium/high budget filmmaking sectors, achieving these audio boundaries is a "given". And lastly, if what I've written here has caused you to pause/think and you decide to do some further research in this area, be careful about your sources of information! Many of today's distribution audio requirements are very different to the requirements of distributors/broadcasters 10 years ago and for some distribution outlets are substantially different from even just 2 or 3 years ago. This evolution of audio requirements is likely to continue as 4k eventually becomes the new HD and current HD becomes the de facto "baseline standard" (as it already is for many of the big TV networks for example).
I hope some find this info useful, even though it's maybe a little off topic, sorry OP.
G