With the music world being 180% different than the music world I made my living in, I don't think anyone nowadays ties "Release" with "Record Company", at least from what I have seen with the 1000's of band's trying to get my money for a CD or download.
Today it is Facebook-Bandcamp-yada-yada-yada markiting & digital downloads most of the time, but a CD is still the calling card of choice for a lot of people, clubs, & radio.
And being old fashion, I say that a CD release is a must, because I KNOW that I am NOT the only one that feels paying $15 for a 10 song MP3 download & artwork that I have to print out to be a rip off! Just like manuals in PDF & ePub books, I feel cheated unless I have a physical item I can hold in my hand for the $$ I pay....if I don't (like a lot of software I buy) I feel like I have not got my moneys worth.
