If there was an actual formula for making hit records then almost every artist, band, or producer would be making hits all day everyday 365 days a year.
I remember when owning a recording studio gave you the illusion of having an "edge". Thousands, or even millions of dollars invested in huge state of the art analog equipment and acoustic designs made the work environment look and feel like 'hit records' are guaranteed. Business was good for studio owners who would charge an hourly rate to artists and producers for using the studio.
Then digital recording basically took over the industry. now producers and artists can record and produce songs in a basement, closet or bedroom studio for just a fraction of the cost. This obviously proves that size really doesn't matter.
Do you agree?
(B-Rich Music Lab in 2008)
("Closet" Studio 2016)
I have come to realize that It's not about what you have, but what you can do with what you have.
There's no secret formula, a hit song/record is usually determined by the audience at large, the consumer, who is streaming, downloading and buying the music.
My advice is just make music, a whole lot of music, good music of course, and one day you will make a hit record.