Recording Covers for Profit?

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I'm itching to start recording cover albums (before eventually working my way to original content), and for the longest time I thought it was impossible to legally make money off of cover songs (I knew you could get in touch with the original artist/publisher to ask for permission, who are unreachable 90% of the time). That was until I heard of Loudr:

https://loudr.fm

From what I understand, you record the music and pay for a licensing fee, and they take care of the rest (legal mumbo-jumbo, make sure the original artist gets paid 15%, etc.). It almost sounds too good to be true, but based on the Google searches I've made, it sounds like it really is that simple. However I've seen people post EXCELLENT covers on YouTube with a link to a free download of the song. I'll see comments from people who say how much they would love to pay for it because they liked it so much, but then the cover artist will inform them that they can't legally make money off of it, etc. Is that just because they've never heard of Loudr, or is Loudr not really what it's cracked up to be…?

Make sure they are all in the Public Domain and you'll be fine.

Writing your own music for profit is way more satisfying!! !!

As a hobbyist musician of ~4 years myself, I can whole-heartedly agree with this. Shame my music doesn't make me any dosh, though - at least not yet...