Great points. Many folks think radio is there solely to entertain them, which in essence is true. But it exists by selling advertising or collecting donations from their listeners. Behind all the music and entertainment are purchase costs and all sorts of ongoing operational expenses. Owning radio isn't for the faint of heart but when it's working, enough people are listening, and advertisers want to be partners, it's well worth the pain and effort. Unfortunately, since 2008 traditional media has struggled with the advertising part. That part isn't getting any easier.
I get Prg333 wants no part of owning WRCR. But, if someone really wanted to put their heart into it by forming a non-profit and collecting listener donations instead of relying on ad revenue, a niche format like do wop might just work. Especially if you promote a stream too. Nobody will get rich for sure, but maybe between volunteers and donations, one could keep the lights on for a while.