When you come across Asian CDs and records, especially Japanese, they come with a so called "OBI". The OBI is a slim paper strip containing information about the recommended price of the CD and usually it also mentions the tracks on the CD written in Kanji (Japanese characters, originally from China) and Katakana (Japanese alphabet for foreign names and words).
Traditionally the OBI was and still is used in an entirely different field. If you see a picture of a Japanese woman wearing a Kimono - still common today, especially on certain holidays and official events - you will notice that she has a beautifully decorated wide belt around her waist tied in many different ways into a big bow on her back.
Usually but not necessarily, an OBI is made from silk. Its appearance can range from very simple to luxurious ones made from silk ornamented with lavish embroidery providing the observer with information such as the social rank and wealth of the Lady who is wearing it.
The Obi on a musical item will give you information such as track listings, year of release, the product number, other releases and various other information depending on the artist or the label.
In a nutshell: the traditional OBI and the modern 'musical' OBI are used in completely different ways but they have common purposes: decoration and information about the person or respectively the CD or record.