promote your music. Are you more of a recording act using records (inc digital) and videos or do you do live gigs.

They were invented to boost profits from one hit wonders - which most acts are.
So an MC Hammer or Vanilla Ice could make millions for the label instead of thousands, all off the back of one hit single.
But singles cost more and more to break and promote.
So, instead of increasing profit areas on singles (t-shirts; marketing; gigs; TV commercials - Let It All Hang Out) they - the labels - tried more and more to sell albums.
But the majority of artistes doesn't have the talent to sell more than a few tracks.
So albums are usually crap.
I believe in compilations of an artiste's work, changing all the time, dropping old tracks, adding new ones.