The important factor here is not even about royalties or total control ... it is about how many concurrent listeners do you plan on / hope can tune in, and at how many kbps do you plan to operate at?
If you are only offering 24-40K voice, with only needing to have 10-20 listeners at once, then yes you prolly can run it off your own server in your home or office (just clear it with your ISP they allow servers), but if you want 64-128+ kbps and more than a handful of listeners, then you are best off to leave it to the pros ... go with streaming services.
If I recall correctly,
www.Quik-host.net had some decent streaming packages that were not too pricey.