Little bit of self promo here, hope it's ok!
Iteam, the company I work for, has been leading the development of a new kind of internet radio called Radical.FM, for one of our clients.
You can put together your own mix of genres into a personal radio station, and take it a step further and be your own DJ and speak between songs - like on a regular radio station.
Potentially more important for you people here - any band can upload their songs, no distribution deal required. All uploaded songs behave just like any other songs in the 22 million song library and can be included in genres and radio stations. I even uploaded one of my own songs to test it, I just imported it from SoundCloud (I wouldn't say it's really the stuff of distribution deals, haha).