It's just depressing for a movie lover like me to see a film like Joel Schumacher's 1990 Flatliners remade. Why? Can anyone come out with something we haven't seen before or at least from a fresh new POV.
Recording costs in the music business are borne by artists, not record companies. Record companies commonly make loans to artists (all-in advances) for these costs and recoup them from royalties. With the exception of jazz and classical artists, new major label artists can spend between $100,000 and $500,000 to make a record, but recording budgets of one million dollars and more are not uncommon.
To make an album of this sound quality today, you could probably get away with spending a bit less. But not by as much as you might think. My best estimate is that $30,000-$60,000 could get this record made in a similar kind of room with comparable recording talent.