I only will normalize on the mastering stage. I don't think normalizing takes away the dynamics of audio. It only will boost the highest level of the file to 0db. Compressing/limiting on the other hand does take away dynamics.
From what I have read, many mastering engineers will normalize before compression/limiting and eq. Whether all of them do this, I wouldn't have a clue.
Trying to limit a file that is -3db at the mastering stage so it renders at 0db (0db to match pro CD productions version of 0db) would be quite hard to do me thinks - not to mention killing dynamics completely.
Juho?
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