License for a video template used in a series of music videos for one client

I shot a band performing 12 songs at a live concert venue. Now I want to edit the footage and create a series of music videos from this footage using an After Effects video template. The band are friends of mine so I am doing it for free. The music video series will be put up on their YouTube Channel on a once/month basis.

After reading all the Licence FAQ’s, I’m hoping that this will be considered a series and as such I will not have to buy 12 Regular Licences but just one. I understand that if the series takes longer than 12 months to complete, then I’d have to pay another Regular Licence fee in a years time.

Is this correct?