The [`hgroup` element was removed](https://webmasters.stackexchange.com/a/68608/17633) from HTML5 before it became a W3C Recommendation. And without `hgroup`, you should not use a heading element for a subheading.

By using

    <h1>Album Name</h1>
    <h2>Artist</h2>

everything that follows would be in scope of the "Artist" heading, not the "Album Name" heading. But this would be wrong, of course.

Assuming that you publish this on a webpage that is part of a website (i.e., it contains a site-wide navigation etc.), you’ll want to use the `article` element for an album. The first heading will be the heading for that section, which should be the album name. Metadata for this section can be given in the `header` and `footer` elements.

So an album could look like:

    <main>
    <article>
      <header>
        <h2><!-- album --></h2>
        <p><!-- artist --></p>
      </header>

      <section>
        <h3>Tracklist</h3>
        <ol></ol>
      </section>
      
    </article>
    </main>

(If you don’t provide any other content for a music album, you could omit the explicit "Tracklist" section/heading and directly provide the `ol` as main content of that `article`.)

If you’d have more metadata (like release year, country, etc.), you could use a `dl`:

      <header>
        <h2><!-- album --></h2>
        <dl>
          <dt>Artist</dt> <dd><!-- artist --></dd>
          <dt>Release year</dt> <dd><!-- year --></dd>
        </dl>
      </header>

Side note: You could use the [`cite` element](http://www.w3.org/TR/2014/REC-html5-20141028/text-level-semantics.html#the-cite-element) for the album/artist/track names ([example](http://codereview.stackexchange.com/a/85747/16414)).