Going for the One received a mostly positive response from music critics who welcomed the band's return to more accessible music like their earlier albums The Yes Album (1971) and Fragile (1971). It was a commercial success and reached number one on the UK Albums Chart, their second album to do so, for two weeks and peaked at number 8 on the US Billboard 200. "Wonderous Stories" and "Going for the One" were released as singles; the former went to number 7 in the UK which remains the band's highest charting single. Going for the One was certified gold by the Recording Industry Association of America (RIAA) for 500,000 copies sold in the US. A remastered edition was released in 2003 that contains several previously unreleased tracks from the album's recording sessions. Yes supported the album with a six-month tour of North America and Europe.
In August 1975, Yes wrapped their 1974–75 tour of North America and the United Kingdom in support of their seventh studio album, Relayer (1974). The line-up during this time was lead vocalist Jon Anderson, bassist Chris Squire, guitarist Steve Howe, drummer Alan White, and keyboardist Patrick Moraz. For their next move, the group decided to take an extended break so each member could record and release a solo album. They regrouped in early 1976 for their 1976 tour of North America from May to August, which saw Yes perform some of their highest attended concerts. By October 1976, they had become tax exiles and relocated to Montreux, Switzerland to record a new studio album at Mountain Studios, their first studio album recorded overseas. Upon their arrival, Emerson, Lake & Palmer were supposed to have finished recording Works (1977) at the studio but they were running overtime, leaving Yes to work at a nearby rehearsal space for several weeks. A substantial amount of writing and arranging was done during this time.
During the first two months of writing and recording, Moraz was let go from the band, which he did not expect. Anderson thought he "just wasn't playing like he was involved", and that his sound was not "too good, and that affected his vibe ... it was obvious that he just wasn't getting off on what we were doing." Several months after his exit, Moraz said he had to leave because of "the enormous psychological pressures at the time within the group ... I felt there were a few things going on that I didn't know ... Unfortunately some people did not play the game fair, although the final decision was taken by all members." The decision was made after Rick Wakeman, who left Yes in 1974 over differences surrounding their ambitious double album Tales from Topographic Oceans (1973) and whom Moraz replaced, was invited to play on Going for the One as a session musician by Brian Lane, manager of Yes and Wakeman, and his business partner Alex Scott. Wakeman had pursued a successful solo career but by mid-1976, he faced money issues after his tour earlier in the year had met its minimal targets. He became interested to play with Yes again after he had heard a tape of early versions of two of their new songs, "Going for the One" and "Wonderous Stories". Upon his arrival at Switzerland, Wakeman was surprised by how much the band had changed. "We began relating to each other for the first time. I think we had all grown up and became much more mature. Maybe I had to grow up more than them." At a party held by Claude Nobs soon after Wakeman's arrival, Lane and Squire convinced Wakeman to rejoin as a full-time member as the group would have difficulty in finding a suitable replacement to play Wakeman's parts on their upcoming tour, but did not tell him that the press had already been informed of his return. Several hours after his decision, Wakeman found Melody Maker had printed "Wakeman rejoins Yes" on the front cover of its 4 December 1976 edition.
In addition to a change of producers and engineers, Going for the One also marked a departure in the band's choice of artwork design. Since 1971, they had worked with English artist Roger Dean who became known for his surreal and fantastical landscapes and designed their logo.While the band were recording, Dean had an idea for its sleeve he thought would suit the album which involved pieces of rock floating in the sky with the largest piece containing trees and a pool of water. It was intended to be a sequel design to his art on the band's first live album, Yessongs (1973). However, when Dean flew to Montreux to pitch his idea, his idea was turned down. Dean recalled visiting the studio to find Anderson painting a cover of what he wanted and seemed disinterested to see his own design. In the end, he claimed he did not present his ideas to any other band member.
Instead, the band commissioned Storm Thorgerson and Aubrey Powell of Hipgnosis to design the artwork who came up with a marked change in direction that represented a new, revitalised attitude within the band and their return to more direct and concise songs. Presented as a gatefold sleeve, the front cover depicts a standing nude male looking towards multiple skyscrapers against a blue sky. Dean's logo designed for the band was retained and is credited in the liner notes. Inside features a photograph of each band member by Lake Geneva with a background depicting a tree above a lake. Melody Maker reporter and band biographer Chris Welch later wrote about the cover: "Gone were the elaborate Roger Dean landscapes. In their place came stark, geometric simplicity. Anticipating computer designs of the future ... it symbolised a new look for Yes". Martin Popoff reviewed the design in 2016. "A new accelerated, late-'70s escapism through the clean lines of Hipgnosis, who combine slick, futuristic geometric urban angles with a man in his birthday suit, perhaps urgently propelling the band forward, while simultaneously embracing roots".
Going for the One was released in the UK on 15 July 1977, available on LP, audio cassette, and 8-track tape. It became a commercial success for the band, reaching number one on the UK Albums Chart, their second album to do so following Tales from Topographic Oceans, for two weeks in August 1977 and peaking at number 8 on the US Billboard 200. Elsewhere, the album went to number 7 in Norway. It was certified gold by the Recording Industry Association of America (RIAA) on 2 August 1977 for selling over 500,000 copies in the US. In the UK, the album reached silver certification by the British Phonographic Industry (BPI) on 19 September 1977, signifying sales worth over £150,000.
The album spawned two singles, both released in 1977. "Wonderous Stories" was released with "Parallels" as the B-side which peaked at number 7 in the UK singles chart. To help promote the song, Yes filmed their first music video for the song which received airplay on the BBC television music show Top of the Pops. It remains the band's highest charting single in the country. The second, "Going for the One" with an edited version of "Awaken Pt. 1" on the B-side, reached number 24 in the UK.
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