There are many ways to look at it. Regardless of whether anyone "makes money" or "loses money" can be determined in a number of ways. (I have a reality show as an accountant.
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I'm a firm believer in covering the fixed costs. In order to obtain and maintain the needed items to increase the listenership, a significant upgrade is needed in both time and funding. It does no good to make upgrades without the time commitment.
I have no clue as to the investment needed to run the station if there's an upgrade. Technical wizardry is not in my blood. But I can budget a wart off of an ass of a rhino.
In other words, if I'm supplied all of the numbers and time figures at some point regarding an upgrade, I can certainly tell you what it would take to break even.