I've heard of such stations doing quite well. The one I'm thinking of is computer driven wih online sales only. When a listener buys an item it reflects on remaining inventory and the pre-programmed voice stating the quantity remaining is updated. Businesses paid a $100 fee and had to give away a certain amount of merchandise that would be sold at a discount on the air. They told me they were billing about $125,000 a month. The station also had a want ads/classifieds that were $5 a day. Birthdays and Anniversaries were $20 and you could record your own 30 second commercial at $5 to $25 each depending on airtime. They were all church programs Sunday morning.
I think there is one in Jacksonville, FL.
This particular station sold about 8 years back.