Alright you scofflaw Pirate you, Yeah, they're coming for you but, you don't seem to know who "they" are. They folk that you need to be in fear of are the gang of three, ASCAP, BMI and SESAC. These guys are almost as blood thirsty as the RIAA but, there is a slightly highly chance of the monies collected getting to the song writer. At least they have the good sense not to go after the listener. Instead they try to shake down any business that has the nerve to play music. It doesn't matter if the music is live or just the radio, they want their cut.
On a serious note: there are three degrees of ownership for any recording. A. The performance, This is owned by the performers unless they sell the rights for the performance to someone or something else, such as the record labels. Radio stations do not pay royalties for this right. The agreement is that the promotional value is greater than the value of the royalty. B. The publishing right. This is held by the songwriter/composer unless sold, etc. The royalty for this right would be administered by either ASCAP, BMI or SESAC. Radio stations pay a flat rate royalty for this based on the number of listeners. The different organizations sample whats being played by the station and divide the royalty up amongst its members based on how much they are played. C. The media itself. Believe it or not, it is possible to own the media without owning the other 2 rights. Good reel to reel tape has never been cheap. When tape was all that was available, It was common practice for studios to "rent" the use of multi-tape to bands on a budget. If a song sounded especially good the studio would hang on to the multi-track tape and not reuse it. If the song started to take off, the record company would approach the studio to buy the multi-track tape from them. It was common to remix the song for national distribution. The studio didn't own the song or the performance, so they couldn't sell the tape on the open market, they did own the tape itself. They would often sell the tape for several thousand dollars to the record label. not a bad return.