The album was always an artefact of physical media — a format shaped by the constraints of vinyl (two sides, roughly 40 minutes) and later adapted to CD. The creative logic that grew up around it — the arc, the sequencing, the conceptual unity — was real, but it was built on an economic foundation that no longer exists.
Spotify's per-stream model rewards frequency over depth. An artist who releases twelve singles across a year generates more revenue than one who releases one twelve-track album and stops. The maths are not subtle.
What is interesting is that some artists, freed from the album expectation, are finding formats that suit their work better. The 'EP as statement' has returned. The 'track series' allows for iteration. Beyoncé spent three years building Cowboy Carter one carefully timed release at a time.