The word "record" was used in the contract, which EMI believes implies physical media. Therefore, the label thinks that it can do whatever it wants as far as digital downloads go. The judge was quoted in Bloomberg saying, "There is nothing in the terms ‘album’ or ‘record’ to suggest they apply to the physical product only." The court seems to support Pink Floyd's goal to preserve the artistic integrity of its work.
This isn't the first struggle EMI has had with artists over online content. Social media darlings OK Go recently ended their relationship with the label and announced that they're forming their own label called Paracadute.
Fortunately for listeners who want individual tracks, this court development hasn't prohibited EMI from making Pink Floyd songs available yet. That might happen later on, though.
Is the Album Dead?
Pink Floyd has always resisted singles, preferring to release complete albums intended for straight-through listening. And they're not the only band that has complained about the shift in focus to singles that the online era has heralded. But even if you're sympathetic to the artistic vision, it's hard to see these sorts of restrictions as shrewd business moves.