Basically, the person who writes the song owns the copyright, much as you might expect. They can sell that right and withhold or grant the right to perform the song.
The singer of a song gets something that is like copyright called a performer’s right. https://www.copyrightuser.org/educate/the-game-is-on/episode-3-case-file-26/
So if Gaga writes a song and Taylor Swift performs that song and you buy an mp3 of it, Gaga gets paid for the copyright for the song and Taylor gets paid for the performer’s right for the recording.
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