"AFAIK it's not actually very expensive or difficult in the UK to get a transmission licence for a local, low power FM station. One suspects that part of what makes them "better" is the whole living dangerously on the edge thing."
As it's something I try to do each year... (legally I might add)
The cost is about £5-6k/month
That includes the FM license and the music licensing, as well as a pittance to buy in national news for 2 minutes an hour.
Recent loss of grants for youth work has left us in a position where we are now online only. The music licensing is far cheaper than for FM, and of course there are no FM licenses.
Buying the right mobile phone contract, at the right time, to allow for 24/7 streaming is the new challenge...