The exception is among old Cubans in Miami. Anywhere else, if there is FM in Spanish, the AMs die.
The median age of WAQI listeners in 2019 was over 65. It made money because many of those older Cuban refugee listeners were also the business owners of Cuban Miami. Remember, Miami is the only US market where Hispanic household income is greater than that of non-Hispanic whites... and most local business is Hispanic owned.
Non-Hispanic whites are only 22% of the Metro. And most of them are in northern Broward.