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I think the concept of release cycles are way different than even a few years ago. As a social artist I think the keys are

1. MAKE lots of music. Feel free to share good songs or even WIPS on forums and your social media like vine, twitter, soundcloud. Document the process.
2. Contribute to Comps. Share streaming versions of the song on your social sites for double dip exposure.
3. Once you have many songs, consider releasing an EP. It should be mostly new, but dont be afraid to re-release songs you like from 1,2, this is a more serious release for you and says to people THIS IS WHAT KIND OF ARTIST I AM.
4a. If you have enough songs to do so, play shows. This will drive the following steps.
4b. If you have enough songs or work quickly, try to do soundtrack work or get on more comps. Same as b.
5. Once you have a good number of songs under your belt and have demand for shows or work, consider putting out an album. Albums can suck on the internet because you get the same amount of attention as 3, but with 2-3x the amount of work. You might do better with 3 eps versus one album, with singles peppered in-between. An album can be a compilation of singles and EPs, and be a good way to get more coverage out of work youve already finished, or single a completion or new change of a direction in your artistic development.
6. An album makes more sense, however, with physical releases. Youll be selling these a long time so make sure its your absolute best material to date. Consider bundling it for free with stickers, toys, or shirts. It helps if you play shows at this point to move this stuff.
7. Do NOT leverage yourself into making physical items unless you have money to burn or the demand to consume it. Stay digital as long as possible so you put all your resources into the music, and be ready to make the physical jump when it makes sense for you.