We do both, live broadcasts plus we stream them too. If you're rural, the streaming audience is probably fairly small and, if it's like ours, most of this small audience doesn't even live within the area. We have people across the U.S. listening. These folks have moved out of the region but still want to hear their old local team. Stress the larger local audience you reach. People who can actually purchase your advertiser's products and, once you've set it up, throw in the streaming audience for free; at least for a while.
Here in rural Indiana, our small daily is providing a video stream of the high school games, but the audio is simply crowd noise and the PA announcer-no actual play-by-play. Advertisers are paying $300 a month to have web site ads displaying along the side of the video window. So far, I don't think many have signed up. But this is a sign of things to come. So far, our stations are still doing traditional broadcasts that are streamed, but no video. Cost of adding video to the stream is high, and quality is questionable. All of us need to be looking into this, however, or someone else will. I can see schools doing this, and certainly cable companies.
Actually we do stream our games also. We do get a handful of listeners from time to time but nothing to major unless its a postseason game!
we have three local schools in our local coverage area and we announce one on AM and another on FM. we decided to give the third school coverage who had just started football by signing up with an ihigh.com account (which is free) and streaming the coverage on our website. The guys we had do this quit just before basketball season because they saw a money making idea to go out and do this on their own. They tried to undercut us on price and badmouthed our radio station around town to advertisers. Luckily our advertisers are loyal. they get 400-500 hits per game but I question how many of them are really people and how many are just them and their friends going on there to "create hits". I had originally gotten word from the IHSAA that they would not be able to webcast post-season games, but they changed their mind and allowed them. Also, two of our three schools will not allow them to webcast and have stuck with our station as their station of choice. however, the game is changing and all radio needs to realize they are not the only "game in town".
depending on what state your are in, most ADs have the right to decide which media is allowed at the school. have the AD sign an exclusive agreement with your station and that will keep anybody else out. that only works with local games. post-season games are regulated by the state athletic association.