Someone started an AM radio station in my small town which has managed to survive for 7+ years now so there must be a workable business model there. They focus on hyper-local news & sports coverage that you just can't get anywhere else. The really clever thing they did was to use the launch of the radio station and broadcast location downtown as advertisement for their streaming app. They got a lot of local news coverage and public interest simply by doing something unusual like starting a new AM radio station in a tiny town. They still do AM but I believe the vast majority of their listeners stream. Super clever because someone like my Dad would never know a streaming station existed but he knows they exist because he can drive by the studio and see them broadcasting through the window.