> If you release of a cover (ie a performance) of a song someone else wrote you own the copyright on the recording of that performance and are entitled to compensation for use of that recording.
negative. if you're covering a song in copyright you need a license agreement from the owner if you intend to monotize it. You own a copyright to your version but you can't make money from it.
Not true in the US due to compulsory licensing. [0] There's no permission required to publish or monetise a recording of an existing musical work - you just have to provide notice to the copyright holder and pay a statutory royalty. The mechanical rate for the sale of a recording is the greater of 9.1c for the song or 1.75c per minute of playtime. Streaming royalties are handled by blanket agreements with companies like Spotify.
negative. if you're covering a song in copyright you need a license agreement from the owner if you intend to monotize it. You own a copyright to your version but you can't make money from it.