Is the Album Dead?

While scanning Blabbermouth last night, I came across a post about Ian Astbury of the Cult saying the album is a "dead" format.
I think he's right.
Here's his comment, extracted from the Blabbermouth post:
"It's a dead format; we don't have the attention span for albums. The idea of going into a studio and spending a year-and-a-half creating a body of work which you put out as a body of work is pointless. By the time you put it out, it's already been leaked. … It's a year-and-a-half worth's of work down the fucking tubes. We need to put out bite-sized chunks."
Now, don't get me wrong: I love albums! I want my favorite bands - most of which have been around at least 20 years - to keep making new music. I do agree, however, that the experience is often ruined because of the Internet. People think it's fun to swipe the songs, trade them and share online and then the excitement of "album release day" is ruined for a lot of people. I don't illegally listen to albums before they are released because I don't steal music and I want to wait. Waiting is half the fun.
Remember when Guns n' Roses released the Use Your Illusion records? There was footage on MTV of people sleeping out all night to be first in the store to grab those albums. Such a thing will never happen again because it isn't necessary. It's no reason artists randomly release singles and record special tracks for games like Rock Band. Anything to stay current and productive.
I'm not a professional musician and I've never recorded an album - but I've interviewed enough artists to know that the recording process is often long and frustrating. Maybe it just isn't worth it anymore.
Is Ian Astbury correct? Are albums dead - or not? Share your thoughts.