It has plenty of scope, but if your intention is to just open a radio station hoping that money will start raining, then we would advise you to consider other options.
A Radio presence takes time to build, and it needs considerable amount of hard work and patience. With the internet radio, the world is your audience, so think of what would you talk about.
We simply associate Radio with music, the trouble is that these days, the best of music is available for free and in plenty. One has to think beyond music, what content can you bring to the world that has not been presented, or how can you present it differently.
Figure that out and the rest will simply follow.