basics in music theory

For the production of music alone? no. If you're the song writer/artist, yes absolutely.

Just pick a key signature and use the notes in that scale. You can make your own key up too, it doesn't have to be the 12 major/minor keys. You can create your own, but stick to it.
 
I think being knowledgeable about music theory helps a ton and there is no excuse for anyone interested in music production to not learn music theory, because the basics are not that hard. There is definitely no need to have a PhD in music theory, but you should learn the basics of scales and chords and knowing what notes or chords go well together.

That said, I think you can get away with not being that well versed in it. You can come up with a great melody or chord progression by experimenting. You might not know why it sounds good, but everyone seems to be born with (or at least develops early on) an innate sense of what sounds good and what doesn't. Learning music theory will just help you get there faster.
 
I think it makes your music sound better and it makes you better. You can talk the "language" with musicians singers songwriters who you are working with. If you just want to be a beatmaker and not a producer I think you can get by with no music theory but I wouldnt recommend that.
 
Sure is, if you want to progress in making music. Scales, note degrees, and interval notation. That I can think of at the top of my head but there's so much more to dive into, and it helps a when making beats, both consciously and unconsciously in my opinion.
 
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