More could probably be said about the relationship between the movie and its soundtrack. 

 Watching the film, one gets the sense that it was envisioned as a two-hour MTV segment.  Events in the story flow around the music performances, which are presented in (almost) their entirety, backed in several cases by MTV-video-style montage.  I suspect the movie was produced specifically for the nascent MTV generation, in a bid to replicate the synergistic relationship that emerged between Saturday Night Fever and its soundtrack.  (As far as I know, neither Electric Dreams nor its soundtrack were a major success.) 

 I have no sources for this, however.  Perhaps someone more familiar with the history of the movie industry could comment?  (This information may also belong at Film or History of cinema—I don't think Electric Dreams was the only film to apply this strategy.)