NFTs can absolutely do that. They're programmable tokens that can be coded to do anything.

When people purchase songs though the smart contract, part of the value can be automatically sent to the wallet of the person who owns the NFT that corresponds to that song.

The problem is most people, even on here still think NFTs are just some dumb pointer.

You're begging the question; you are assuming all transactions will happen on chain. That's not reasonable. Most transactions will happen with normal currency, using normal means. This company then needs to track all of that and do the distribution on chain.

And if they only allow people to compensate artists through cryptocurrency, then it's not viable for artists.