I don't know, that sounds like two completely different business models - I think these pay-to-listen radio stations are happy as middle men in the music chain. Less risk, more reward, and a lot less work than running a record label.
I'm curious, in what ways do you see the majors using the pay-per-play model differently than it is currently being used? These sorts of pro-rated royalty payments are pretty standard fare for the common digital distribution channels. I just wonder what sort of evil musings you've come up with.