Re: the album vs. single question, only for reading fiction
I'm not sure there has ever been a hugely popular reading analog to the album. Anthologies of short stories by a number of authors have always been, and they still are, published, but not as a significant portion of the market. Collections by a single author have been, and are still, published, although this generally true only for authors who are very popular in novel form, and their short story collections do not sell anything close to the volume that their novels do.
I think the pulp era may have been the only times that short stories were a significant portion of many authors' incomes. Come to think of it, people like Dickens, Louisa May Alcott, and Poe published frequently in magazines, so that probably extends back to the 1800s and ends around the time of WWII. Even then, I feel sure that it was only due to the popularity of magazines.
Even Agatha Christie, the bestselling novelist of all time, received the bulk of her income in her early years from short stories and serializations of her novels in the pulps. They paid very well. Actually, magazine rates aren't a lot different now than they were then, which means their real value is a small fraction of what it was a century ago.