Gear requirements for a modest (non smartphone setup):
-Microphone(s)
-DAW (Digital Audio Workstation) software (e.g. Ableton Live 9 or Protools) or some DAW platform (e.g. Tascam and a number of manufacturers can be found providing gear through places like sweetwater.com).
-USB interface (if using DAW software option).
-Laptop or Desktop or possibly Tablet (check your DAW software hardware requirements to make sure both USB interface and hardware meet software specifications).
That's technically about it to get started.
A little primer on mics:
Shure microphones have been a nice versatile gig and studio recording microphone. While home studio recording budgets are more easily fashioned using any number of condenser mics now on the market. A basic setup will require likely a laptop/desktop/tablet if you want decent audio recording though the reality of smartphone recordings are equally here to stay. Native smartphone recordings are likely going to be very rudimentary for room recordings relative to home studio setups. Unless you know what you are looking for in a microphone...I highly recommend entry level stuff if you are new to the business.
DAW software...I recommend going with larger scale suite options that provide unlimited track options and studio effects packages. At least this allows you to in house much of your track mastering and studio effects needs for audio production purposes.
USB interface...what are your purposes and needs...if you are a solo musician that need only record yourself and maybe a single instrument at a time, the simplest interfaces likely work (e.g. 2 mic inputs and 2 1/4" stereo inputs) probably will work fine. If you need to do live session recording work with more than 1 musician, you may want to investigate larger scale interfaces that furnish more simultaneous inputs.
Laptop and Desktop. I've used mid line processors for laptops or desktops alike. Your audio interface will do the Analog to Digital work so really whatever remains necessary for computation in audio is generally pretty well handled for many home studio applications...your audio interface hardware setting will need be set to ASIO for input (which directly has the audio interface) handling (much like a video card has a gpu) audio based computational work.
Learning to record:
I'll omit particular guides on recording and mastering (beyond scope of what I wanted to cover right now). If you make time and effort to record, you'll likely be recording something and learning to use your gear. Otherwise, not. Anytime spent recording is better than no time or time that need be structured in highly choreographed ways. The more people that have to be recorded will likely mean tighter and more restrictive scheduling unless you work around this...in other words, do you have to have everybody in a music group there to record at any given time in order to record and the same goes for mastering? Spend your time doing scratch work to learn. Plenty of scratch is how you learn to get better at what you are doing. The best time learning about audio engineering may come in your own company doing this work whenever you can...doing this on your time not others.
Publishing to Video sites. Many musicians actually use either slideshows or a single photo still for, for example, Youtube publication. Here are some things to keep in mind:
Windows, Mac, and iOS furnish native movie making programs that allow you to import your audio file. The simplest self publication here uses a photo still of your choosing and creating a video length of that still filling out the time span of the audio file being interlaced with that image still. You can get, of course, more creative and build slideshows or integrating video of your choosing.
More premium video production services:
You can invest in things like Adobe premiere or Adobe Cloud subscription. Here you can build more complex choreography of video work here. There is likely a bit more of a learning curve both understanding how to work with animated transitions that weren't template ones. Though Adobe does provide templates as well if you hadn't wanted to learn the ins and outs of editing timeline curves for animating effects and transitions. You may want to learn things like audio video synchronization when using separate audio and video recording (non interlaced sources).
At the moment. H264 is a common high definition standard for video publication. Likely your video editor will give you mastering format options for the video type that you want to produce for a given social media platform (at least it should).
Self publications to sites like Google Play, Amazon, Apple Store and Spotify:
Sites like DistroKid allow you to publish your music by handling all legal work necessary to get your music copyright recognized...you pay a yearly subscription fee (entry level is a small annual fee) and you keep royalties on your music sales.
Self marketing:
Uploading your music to Youtube, or getting yourself setup for any given market online or otherwise, isn't a likely guarantee to music sales, and unfortunately, even marketing online may not be either. Far from quality audio recordings can actually be quite successful and mostly this relates to how any recording artist(s) sell themselves in a social way. If you are niched in a collector's market, you may have decent odds depending on the media type that you are selling (e.g., vinyl and CD may provide better returns than by mp3). Though as I've read, you likely want to avoid being excessive with twitter, facebook or any other social media spam when engaging with people socially. Positives would include getting reviewed and featured in zines, music journals and so forth, and potentially having higher levels of exposure through sites with larger scale traffic. Word of mouth and festivals are likely a bigger positive to social exposure. Having someone's ear is different than having hoped they stumbled upon you in a vast sea of audio.
Home studios have been liberated with higher quality audio production tools that are more affordable, but the pool of interest in doing such has also increased. If the acceptance of a culture around poorer quality audio production recordings is a testament that successful social exposure need not correlate to higher quality gear, if you are entry level into this market, I wouldn't bother trying to raise significant money to pay either for a recording or for the gear to do such. It is a waste unless you know what you are doing.