I believe that Internet broadcasting took quite a hit when it was erroniously associated with Internet file sharing.
During, and following, the high profile Napster battle, the recording industry began a strict enforcement of Internet broadcast music licensing. Also introduced was a fee structure that frightened many large broadcasting corporations out of the streaming industry.
That battle (I am not sure that is the appropriate term for it) appears to have settled somewhat, but I believe I have seen the next wave coming.
http://reviews.cnet.com/4520-3000_7-6326030-1.html?tag=txt
Have you heard of pandora?
pandora.com
what do you think of that?