It would be, if the exemption is removed.
As for whether or not a study has been done on this as well, the Copyright Board, in the first commercial radio tariff, looked at precisely the question you're asking, and asked, “Can any radio station, from the smallest to the largest, afford to pay the tariff?” That's a big part of what it does, look at the ability to pay, and it looks at that every time it sets a tariff. What it said in its very first hearing was that very clearly even the smallest of stations could pay the tariff that was certified, and that the exemption was based on no financial or economic rationale and was clearly a thinly veiled subsidy. I mean, the Copyright Board looked at this and looked at it from an economic point of view, in terms of whether users can pay, and that was the conclusion it came to.