Hold on. What is this FM radio thing you speak of? 😉
But seriously, I think you may have had an argument 30 years ago, but not now. Personally, I don’t have a radio in my home anymore, so the only place I could listen would be in my car, which I don’t as I have a subscription to Sirius BMP, or I just plug in my phone and listen to music off that. I might flip over to a traffic report on the news station if I happen to be driving at rush hour, and really, that’s it for radio. More people are moving in my direction away from radio, not towards it. Why put up with advertising and cheesy morning show jocks if you don’t have to?
I can however play an internet station on my laptop, on my television, on my tablet, on my phone (which I can connect to my car)… You get the idea. And all of these things can be anywhere I am. With high-cap data plans and public wifi spots everywhere, I see no reason to think that internet radio is not the direction things are going and that FM is rapidly dying. Plus from a broadcaster perspective, the startup costs are way lower, and it can even be done in a completely legal way so no risk of getting shut down.