The conversion factor you're using is completely invented, though, extrapolated from the current rates. The fact is that internet radio provides census precision for playcounts, which (I and some others think) should make those listens more valuable. In another sense, listeners are effectively filling out a survey for each play, giving the stations more information about their listeners, but the stations are keeping all the value for themselves. Even though there's an orthogonal problem of royalty rates that the stations labor under, this setup is more of the same.
Sure, but the thing is that broadcast radio numbers are also a guess. They have always been a guess. In my more cynical moments I'd say that current rates are engineered to hide the fact that the radio advertising industry has been pulling a fast one for the past 75 years.
