They give the song a full page worth of real estate, which lets them elevate the song title to the page title and give the album art enough emphasis; that’s a great use of plain old semantic HTML for media metadata. The song title is also in the URL, which is good for search engine rankings; the pages have excellent search engine optimization overall, which allows musicians to capture search results for their own works. There are lyrics and a commentary by the musicians. You can download or stream the song. There is a link to the album containing the song and links to other songs on the same album.
And notice that the page isn’t empty. Giving the track a page of its own doesn’t waste space. The opposite — it lets the track have enough space for once.