Being locked into a contract, it's (having - necessary) to bring out the new album these days.
I am one of those who will choose 'necessary' at first sight, but my tutor said that 'it' here the common subject of the two clauses: the conjunction of the first is left out and gerund is used instead. And it may refer to 'the band' for example.
My question is that can the adjective 'necessary' used in this question.