Author to the lyrics is still the copyright owner of that. whoever (group or indiv) writing the music are/is the owner(s). recording is another story, and playing is another story. you don't pay royalties/need a license to play live. Copyright 101. If you are a band member and want to find out more about such information, i suggest you check out
riaa.com and the u.s. copyright office website. also, try webnoize.
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I am a law school graduate. What I offer is mere information, not to be construed as forming an attorney client relationship.