My Dad was a heavy listener to Beautiful Music. He's in his 80s. I made a CD of beautiful music for him. He listened and thanked me but added it just didn't do it for him. He prefers the adult contemporary side of Top 40 from the 1960s and 1970s as well as country although classic country might be a better match for him now. I know he really likes Trisha Yearwood, Bob Seger, Barry White and Sheryl Crow. He might not be usual but being a fan of Beautiful Music until sometime in the 1980s, he isn't today maybe because the format vanished from his radio dial years ago.
Sounds a lot like my dad, except he's now more into classic country or songs from the 50s than Percy Faith these days. That is, when he's not listening to classical or straight ahead jazz. No radio station is going to make money off of my dad, but he's got plenty of audio entertainment, either through Music Choice, his CD collection, or just asking Alexa to play whatever he wants via his Echo.
It's not an 'over the air' versus 'online' but in a radio station's case, the combination of over the air and online listening.
One of the stations I jock on cumes over a million people, but we maybe pull a .1 share from our stream. We're not going to turn the stream or app off, though. We don't care how you listen, we just care that you do.
But that's the whole point of broadcast radio: we are a mass medium. We cannot be all things to all people. We have to be something for most people if we're going to pay the light bill.
I have worked for niche format stations that lose money that are the personal jukebox for their owners. They're a lot of fun and you get to do something for the love of music. But every station that's a musical playground has a mass appeal station tied to it that pays the bills, and at some point the party ends and you have to get serious about entertaining the masses.