Going to post an ON-topic reply with some anecdotal evidence about a station that I once worked for. The station was last known as WFUL, in Fulton, KY. It was a very small station serving the TWO westernmost counties in Kentucky, and probably two of the most rural. Combined population of these two counties is probably in the very low five-digits.
This station did several things right, and several things wrong. One that they did right is that they were hyper local. They had a program called the "Livewire," and while it was as boring as all get-out to me, it was probably a lifeline to all the communities that it served. The dj called the town halls (or fire stations, or whatever) of all the very small communities in these two counties, and asked for any news from these communities. ("What have you got for me, today?") Usually the dj and the contact person at the local fire hall knew each other, and these conversations went live right over the air. Sort of like two old friends talking to each other.
They also had all the usual typical programming that you would have from small-town AM stations, like high school sports and church programming. And they were the local affiliate for University of Kentucky basketball.
What did they do wrong? They did not have any website (that I was ever able to find), no Facebook page, no streaming, and no FM translator, or even attempt at getting an FM translator that I was ever aware of. Some FM translator availabilities in the area went to another station in that area that I had also worked for. Even their listing in the broadcasting yearbook listed their demo as 40+. Even that was probably optimistic, but the kiss of death, either way.
This station had a lot more going for it than some similar stations that I am aware of that are trying to hang on. They had a good strong signal, at least when I worked there, and could be received anywhere within about a 50-mile radius. They were not near any major metropolitan area (even Paducah is an hour away), so no real competition there. It was the ONLY homebased station in either of those two counties. Other stations have COLs in those counties, but their coverage is much more regional in nature, because they serve a larger listening area.
I have no idea what ultimately happened to that station, because I have not lived in that area in over 20 years. But I am aware that the last owner of that station surrendered the license, so that station is likely gone forever. One other station that I worked for, which had even less going for them, went off the air for a couple of years in the mid-'90s, but returned under new owners and format(s), and even has at least one FM translator now.