So modern technology, even with the most advanced VoIP business phone systems, has not improved the plight of the on hold song. If you are interested in learning more, check out Tom Scott's explanation at the Milton Keynes Museum, in their Connected Earth gallery.
Not to mention it's completely illegal to play the radio to callers on hold. Although the radio station has the appropriate license to broadcast music, your business does not, and that could leave you paying major fines.

On average, 5 to 15 seconds of music plays between each message blurb. Keep your audience in mind: musical breaks that are too long are boring, but message blurbs that are long or too detailed can be overwhelming. In most cases, 5 to 15 seconds, between message blurbs that don’t exceed 30 seconds are usually appropriate.
Easy On Hold Founder Tim Brown says that the new scheduling mechanism is what makes the Easy On Hold streaming message unique. "The traditional four-minute on-hold loop, where several paragraphs are edited over one piece of music, is an outdated approach," he says. "Our service puts together a library of individual spots that can be told when to play and how often. You can schedule start and stop dates, too, so old content is never heard."