I suppose you need to learn the market first and then start looking for the solution. What I can recommend you is: learn your prospective competitors and make sure what you can offer and how will you be able to compete with them.
And yes, I agree with SiberForum in the fact that you should understand everything before you go into the business. I can't tell you how many hosts try to do SHOUTcast hosting and obviulsy have no idea what they are doing. All it ends up doing is hurting their reputation and making them look bad.
I would recommend getting a pre-made panel like Cast-Control, Centova Cast, or SCPanel and get to know the basics. You may find that you don't like any of these panels and would prefer to have your own custom one written. This is the route we took, and we like the flexibility of being able to customize whatever we want; however, some hosts do fine with pre-made panels and are quite successful.
Once you have gotten a grip on the technical aspect, I recommend that you do some research on the business side of things and talk to people who work at other hosts about it. Things such as overselling, skipping, buffering, and pricing are important topics.
Hopefully that helped, but feel free to ask other questions here.
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