This is a weekly 30 to 50 minute pre-recorded internet radio show (audio only) for the anime and game Venus Project. The hosts of the show are Hata Sawako and Ichimiya Saku.
Most of the show is reading mails from listeners, and comments/talk by Sawako and Saku. There are certain topics for the mails, but Sawako and Saku talk a lot, so this is like a long talk show by them. Most of the talk doesn't have much to do with Venus Project.
They also play one Venus Project song, almost the full version.
There have also been some Venus Project related guests.
This radio show is broadcast on the HiBiKi internet radio. There are also smartphone apps for iphone and android for HiBiKi radio. Each broadcast is only available for one week, as it keeps getting replaced by the new broadcast. As far as I know there are no archives of the old broadcasts.
In addition to the audio broadcast, Saku draws a 4 koma manga every week called "Mega Radi Manga". The manga features Sawako, Saku, and the guests.
There is also one photo of Sawako, Saku, and the guests each week in the HiBiKi app.
The Megami Radio broadcasts were as follows. (Some summaries availble)