Two Main Categories of Income
There are 2 main categories of income that songs can generate. Money can come from either the musical composition or the sound recording. The owner of the underlying composition is who gets to collect money legally generated by the use of that melody and/or lyrics. But if you are the owner of your cover song's sound recording, then you are entitled to collect money generated by that sound recording.
(It's important to know that any time a sound recording is used, the underlying composition is also being used. So money must always be paid to the composition rightsholders regardless of whose recording is being used.)
Money Generated By Your Sound Recordings
Distribution Sales Revenue (Worldwide)
When you license a cover song with Easy Song, you prepay the royalties needed for your intended distribution. From there, you can release your music and any money generated from sales of your recording is yours to keep. If you released your music through a digital distributor, they will pay you when your cover song is streamed or downloaded on sites like Spotify, Apple Music, and iTunes. However, there's more than just sales revenue that your cover song is generating...
Digital Performance Royalties (USA)
In the United States, sound recordings generate money referred to as Digital Performance Royalties. Digital Performance Royalties are generated when your cover song is digitally performed or broadcasted on non-interactive internet radio (like Pandora) or satellite radio (like Sirius XM). In the USA, Digital Performance Royalties are collected and distributed by SoundExchange. In other countries, Digital Performance Royalties are grouped with the collection of Neighboring Rights (see below).
Neighboring Rights (Non-USA)
Similar to Digital Performance Royalties, but in countries outside of the United States, sound recordings generate money referred to as Neighboring Rights. Neighboring rights incorporate Digital Performance Royalties and refer to all sound recording royalties generated when your cover song is publicly performed or broadcasted on non-interactive internet radio, satellite radio, as well as terrestrial radio stations (outside the U.S.), television, cable music channels, cinemas, public spaces, and businesses.