but understanding the electronics behind modulation and demodulation of an FM signal can be confusing. We’ve covered the basics before, but FM is so tightly associated with broadcast radio ...

So by manipulating the reference IQ signal we can create amplitude modulation or phase modulation and changing phase can also create frequency modulation. In real life, you might have two stations ...

For example, in AM radio, the voltage (amplitude) of a carrier with a fixed center frequency (the station's channel) is varied (modulated) by the analog audio signal.