I'd love to do internet radio, its just the outlay of getting a basic mixing board, microphone etc that bothers me. If I had access to a real studio Id do it tomorrow.
If you have access to a computer, then you have access to a real studio. Most internet stations are run on a laptop. That's all it takes. You CAN'T do internet radio in a $20,000 studio, because there's no money to be made from internet radio. I know a lot of people who do it, and none of them make a dime. It's all for fun. The reason they don't make money is (1) Their audiences are too small to attract advertising, and (2) The costs of music royalties are very high. That last thing is the biggest expense in internet radio. When Congress passed the Digital Millennium Copyright Act (two years after the Telecommunications Act, BTW), they built in a performance royalty for record labels and artists. They don't get paid by AM/FM radio stations. There's a long reason why. Only songwriters get paid by AM/FM. But the music industry lobbied Congress for their royalty, and they got it. The royalty is so high that companies like Pandora can't make money. If they can't make money, that tells you how hard it is for you and your home grown internet station.