Retuning between radio stations seems one of them most impractical ways to do this. No wonder really it didn't take off if it took 4 years to make a 23-minute radio event which it seemed passed most of us by, though a nice idea.
I think ultimatlely though just like how with sport in the end viewers wanted the directors to select the best camera angles people tend to want drama to be a passive experience and the novelty soon wears off. I think one-off pieces like Bandersnatch will probably crop up from time to time, but ultimately it's not something that's viable for a series.
I preferred the internet when it had a sense of humour.