Maybe. If you are firing up your computer only to listen to a radio station, then it is likely it would consume more energy than a regular FM radio (Laptops suck between 20 and 50 watts, while a radio may range from 1 watt for a clock radio, to 30 for a portable stereo). However, if you are already working on your computer and are using it to play the radio as well, then you are saving yoruself from having both the computer and radio running, and that is better for the environment.
It also saves on the gas and energy that a traditional studio would require for its employees. I’m not sure what the system is for running the site on the back end entails, but because it’s user-driven, dj’s aren’t required.
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