Nearly, but point 3 is handled by the Internet radio itself.

By which I mean you don't buy an Internet radio and then have to go through the process of linking it to a Spotify or Pandora or whatever account. You buy an Internet radio, and the Internet radio looks after presenting you with the list of available stations and connecting you to them. There's all sorts of account and protocol stuff going on under the covers, but that's transparent to you as the end user.

Apart from that I'd agree with your three step plan (which falls in a heap if step 1 comes back negative of course!)