I think this would fall under Related (neighbouring ) rights. These are right outside of the copyright for composers lyricists and publishers. In Trinidad we have a organisation Rerapp (Related rights agency of producers and performers). This organisation covers the rights of producer and performers while our PRO songwriters etc.

So even though I do a cover of a song I get royalties for my version of the performance. I think this is great as musicians who play on a cd or at a gig will receive something as well.