Hi Michael! I co-founded Loudr, and I run Materia.
With the disclaimer of not being an attorney out of the way: you'll likely need a mechanical license to distribute or sell any covers. Services like Easy Song Licensing, or Harry Fox's Songfile make it easy and accessible, although you'll have to pay for units up-front.
Materia's on a special deal, and we license either directly from copyright holders/composers, or via Loudr.
Feel free to DM/email me - depending on the project, we might be able to help out with any logistics.
Cheers!
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