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I am in nearly the exact same situation - and decided to go with the EP route. Going to put out five songs first (posting one per week on my website as "singles"), then (if I get my s**t together), release another batch of tunes later this year.
I am also not doing a physical CD this time around - rarely do my fans (what few there are, hah!) buy them these days - most of my album sales are digital.
- Chris
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