As @azgold mentioned, they must've paid for the copyright. If you pay for the rights to record a cover, then you can monetize the content.
The work YouTube works though (I think), you can actually take someone else's copyrighted material without permission, upload it, and then the copyright...
I agree 100% with you. I like Rick a lot, but he's wrong here. Nobody owes him anything. The idea that he should be allowed to use someone else's copyright because he's promoting their work is ridiculous.
Rick Beato's channel is great, mostly for musicians or music aficionados; but he also posts useful content for marketers sometimes.
About earnings, I've heard different numbers from different people. If I recall correctly, the Income School guys said that they were making around $4,000 per...
It depends on the artist/record label/copyright owner. Some will ask that the ad revenue generated by the video goes to them and others will ask that the video is removed completely (and you'll probably get a copyright strike in the process.)
Rick Beato has a few videos about this subject.
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