Yes! 

1. Look to the ‘right side bar’ menu and click on your photo
2. Click on the link for ‘Media’ from the new ‘left side bar’ menu
3. Now click on the small ‘Gear’ shaped icon for ‘Options’ and select ‘New Album’
4. Give your new Album a Title and Description

That’s it! Now you are ready to add photos or videos! Note: You can create specific albums for videos and photos and also categorize them 😉