The business of audio in the UK has always had public and private elements. Radio of the 90s and 00s combined the licence-fee funded BBC (with guaranteed spend for independent production companies) alongside commercially-funded stations.
The public element existed because governments (and citizens), felt that there was value in creating media that wasn’t just the “commercially viable” stuff. A similar thing happens in other countries, in a variety of different ways. European countries tend to have publicly funded content through taxation or a licence fee. In America, PBS and NPR have some government funding, but much is from pledge drives with listeners and individuals/foundations who write big cheques.
Today, radio’s dominance of ear-time has receded as new audio opportunities, like streaming and podcasts have grown. So it’s interesting to think about whether public funding, providing public value, should still exist, and if so, how it should evolve.