“Newcomer” Chase Rice, someone I deem, One To Watch in 2014, was very candid about the monetary benefits he's reaped as a result of co-writing "Cruise."
"I have about 30% of that one so...well, usually on a 30% cut, you'll get about $300,000. Each song, #1 song for each writer…er total generates a million. But, this is a different song. This song is almost like having the equivalent of three number one songs in one."
Skip to the :53 mark to hear him talk more about this.
Doesn't sound like economic problems have affected the music industry in this area too much. Back in 2007, I asked Luke Bryan a similar question, and he said each #1 song generates about a million bucks.
Skip to the 1:25 mark to hear him talk about it.