Yourfavoritemartian (or YFM) is a music-based YouTube channel created by Ray William Johnson in March of 2006. By 2012, the channel had amassed over 2.2 million subscribers. The channel was the most subscribed music channel on YouTube at one point.
On May 9, 2012, Your Favorite Martian began doing cover songs, explaining that all original content was going towards the album they had just announced. However, on November 30, 2012, the band announced that the "project had been retired." This was a direct result of a dispute between Maker Studios and Ray William Johnson, the co-creator of the band. Maker Studios, who had funded the production of YFM, and, specifically, the announced album, demanded a higher revenue share of Johnson's AdSense revenue and more control over the joint intellectual property of the two parties and, when Johnson declined, the network cut funding for the album. The group released a final mashup video of their previous songs on the channel. At the end, Johnson explained that they were going to go and work on said album for a few months. Johnson can be quoted in the video as saying that they had been working on the album "for eight months", so there must be some remnants of that eight months' work left. Unless, of course, Johnson has deleted/got rid of all of the music made for the album it, in which case we will never see/hear it.
While eager fans have speculated that perhaps the album will be released at a later time, it is almost certain at this point that it never will. Nothing on this album has surfaced since the "project was retired".
A video was made to announce the album. Link (skip to 2:54)