But it turned-out to be "internet radio," instead
Lot of that going around lately. In place of an FCC license and broadcast equipment, you need a server and bandwidth. I'm guessing it's way cheaper.
A recent startup: Pirate Christian Radio.
I've had multiple opportunities to do what Leo's doing here (not all in the context of Christian radio, however), but to date haven't been interested because of the microscopic audiences they usually generate. I suppose I shouldn't "despise the day of small beginnings" (Zech. 4:10).