Below is an interview with Mark Quail, a lawyer based in Toronto, on copyright and royalties for songwriters. Though the answers are specific to Canada, the same considerations apply worldwide as you produce your music and collaborate with others.
If you’re releasing music, you should register with your local performing rights organization (PRO). Here in Canada it’s SOCAN which also allows you to choose a PRO in the United States to represent you, though you could also register directly with a PRO like ASCAP in the states if you wanted.
So the first step to going through the process of releasing a song and tracking revenues is to actually have a song to release. I’m not a producer by any means, but am familiar with creating software, some really basic music theory and audio editing apps like Adobe Audition with my podcast. I was hoping I could use an old Impulse Tracker app I used to play with as a kid but sadly it doesn’t want to load on a modern computer: