Tom Scott did [a great (and quite long) video on copyright law as applicable to YouTube](https://www.youtube.com/watch?v=1Jwo5qc78QU), which covers this question, and I’m sure many more you may have on the subject matter. If you have the time, I’d recommend giving it a watch!
The ELI5 is: both the concept of the song and the performance of the song are under two separate copyrights.
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