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Why is there no music-based platform like PeerTube?
(discuss.tchncs.de)
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But no one will buy ad space on your instance unless they can confirm that their ads are reaching your audience.
The best way I can think of to sell ad space is to put digital markers in the stream to denote an ad. Then the advertiser can retrieve the stream, search for the markers in the stream, and confirm that the ad was broadcast to the audience, and how often. Or you could just use machine learning now to detect whether your ad was played, but using markers is probably way simpler and cheaper to do.
The hard part is getting everyone to agree on the technical details, like the stream protocol, of how markers can be included in a stream and how to detect them.
The question is whether you trust the instances with their numbers. If you don't, you need tracking that calls back to a third party server. Not everyone will agree to being tracked like this, though