The Album has always been a weird thing. Yes, the album as a concept has largely fallen off. It has very little advantage over a 2-4 song EP at this point. You no longer need to package weak b-sides in, because they're not going to get plays anyway. More bangers, less chaff.
But yea, you can still do a concept album like The Wall or Sgt. Pepper's. Kids doing drugs and laying around listing to weird noises for an hour+ is still a thing these days.
It could be released today. And it would be nothing like the event it was at the time.
It's not about the physical delivery format, but about the social rituals around it and the impact they make.
Streaming cheapens and commodifies music and turns culture into wallpaper. Likewise subscription video on Netflix, etc, which seems to have become a home for trashy potboilers about zombies, vampires, superheroes, and soapy post-apocalyptic dramas. Likewise Amazon's all-you-can-binge-on KDP for fiction readers.
Culture has always had the potential to be an event. In the past, the arrival of a stand-out movie, album, or novel literally left a generational imprint.
It's hard to imagine Spotify, Netflix, Apple, or Amazon, creating an environment in which that's possible. There will be products that have millions, maybe billions of fans, but there won't be many creative projects that keep the interest of those fans for more than a month or so, and even fewer - probably none at all, in fact - that will continue to have cultural power decades after their release.
The album maybe is being transformed into something like TV series. When you wait for the next week to hear the next verse. And to fully understand any particular one, you have to listen to previous 2 or 3.
So, the album is dying? Could something like Pink Floyd's The Wall be released today? It's a two CD package with gapless songs.