I was curious to try internet radio streams in VRChat video players; I found that M3U
does
work on PC, but NOT on Android.
I tested with a couple of streams, but for example: https://somafm.com/m3u/groovesalad130.m3u
Interestingly: if I test with their "direct server" link (i.e. https://ice5.somafm.com/groovesalad-128-aac ) the stream works, so it's clearly not an issue with the encoding of the media itself. However, their direct server links "are not for use in [...] Second Life, etc" so it's not actually an option outside of testing.
(Also for the record, PLS doesn't work on PC
or
Android.)