Now imagine I go out and raise some serious capital and invest in, instead of FCC licenses and transmitters, content. I hire known talent from local radio and TV stations, buy billboards and Internet ads, and launch an online radio station with significant financial barriers to competition. I am sure we will get to this point, I just don't know when.
Right now, anyone can launch a website but do all website have similar numbers of unique viewers? Of course not, to name my favorite example, ESPN.com has massive traffic to its website not only because it has its cable channels to promote it but because they have hired the best sportswriters in the country and many have been lured away from traditional print media companies. When distribution platforms are cheap and plentiful, content is all that matters.
It will take a while for this to play out but I believe its inevitable. Historically, radio and TV have relied on the barriers to entry provided by the relative scarcity of FCC licenses. Eventually, the rebels will crash the wall.