The model of radio has been working and profitable for years. The only difference between WABC radio and YourDomain.com is they have an audience (akin to web traffic) and they are pros at producing audience attracting audio content that they broadcast 24 hours a day to a limited area geographically. With your dot com, you can broadcast audience-attracting audio content just good as theirs, broadcast it on demand to anywhere in the world, and make profits with niches where they can’t.
Example: Fly fishing radio, Pottery artists radio, Swing trading radio, Hair coloring tips radio, thousands of other possible niches would fail horribly in traditional radio broadcast models, but niches thrive on the internet, and so does niche internet radio. Once the audience is built, if yours is not already, all the profitable techniques of traditional radio apply. It would not be spam in an internet radio program to advertise and direct listeners to online offers. You could run all the audio ads you want. But be careful, people are 1 click away from not listening. Yet, we are conditioned to hear, “This program is brought to you by XYZ advertiser” and 8 minutes of every hour, radio plays commercials, and you could do the same on Internet radio programming.
Internet radio is just broadcast quality content being streamed over the internet. That is it, nothing more. There are 2 variations, and both are considered internet radio. One version is live content being streamed in real time based on a time schedule, but in reality that is not really necessary or cost effective for that matter. What I believe to be the next wave of useful marketing tactics using audio on the web, is building a niche internet radio station which will have tremendous marketing and audience building potential. It will be in the broadcaster’s best interest to produce killer-archived content and post that regularly to stream on demand for their listeners.