How does copyright apply to a cover song?

Is considered a reproduction and permission may be needed from the original content creator before it is used.
Copyright does not apply since the cover song is not fixed.
Is considered a collective work and it’s unnecessary to request permission from the content creator.
Copyright applies to new music videos but not audio recordings of covers.

The correct answer is:

Is considered a reproduction and permission may be needed from the original content creator before it is used.