Monetizing eligible cover videos
Creators participating in the YouTube Partner Program can share revenue from eligible cover song videos on YouTube, once music publisher owners claim those videos. You'll be paid revenue for these videos on a pro rata basis.

How to figure out if your cover song video is eligible for monetization
A video of your cover song will be eligible for monetization when the Content page in your YouTube Studio shows that your video has the following:

• Copyright in the Restrictions column
• Video’s monetization status is set to Off
• Hover text that says the video is eligible to share the ad revenue

Note: You should also see this info in the Video Copyright Info page and the claim notification email sent to you.
This message will appear for videos claimed/monetized through the Content ID system by the music publisher or publishers who own the copyright in the musical composition performed. Note that both new uploads and prior uploads may be eligible.

How to turn on revenue sharing for your cover song video

1. Turn on monetization for your account, if you have not already done so. Go to the Monetization tab in your account settings.
2. Find the eligible cover song video in your Content page.
3. Switch the monetization status to On.
4. You can also go to the monetization details of the video and switch monetization from Off to On.

https://support.google.com/youtube/answer/3301938?hl=en