Facebook is estimated to have $2.2 billion in advertising this year and it is growing at an 80% clip.

All of the aformentioned radio executives have been trying to make money on the net. As well as thousands of others including Spencer and Demian. There is no barrier. It is limitless. RBR mentioned Pandora's operating cash flow got worse in the 1st quarter this year compared to last year. You have Sirius pull a Pandora on the net and go to some kind of freemium business model with personalized music the margins get killed. Mel is up in the 20s now on margins and shooting for over 40%. Mel has to make it margin friendly, which just doesn't happen with free internet music radio.

Somebody has to make the model work for it to be a business. Nobody has. With personalized internet radio music it is very likely nobody will. The only chance is supreme exclusive content. Because people pay for that in media. So far I don't see that in these internet radio "businesses".