By the way, if your arranger supports MP3’s, I absolutely recommend using high bitrate MP3’s (320kbps) over .wav’s as, especially to my aging ears, I am really hard pressed to tell the difference from a 16/44.1 .wav, it still saves you about 50% on the file size, and most importantly, there’s no way to embed lyrics into a .wav file.
You can ‘link” them to lyric files using a computer, but if you don’t want the hassle and distraction of a laptop getting between you and the audience, having the lyrics embedded in the file itself and reading off the arranger display works well.
And, probably the icing on the cake, get a completely different arranger, or a workstation, groovebox, whatever, if it can display lyrics all you need is the mp3. No text files to link to (if the new gear can even do that), no redoing the work. Drag and drop, done!
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An arranger is just a tool. What matters is what you build with it..!