Yes, you should file a Schedule C reporting all of the income on the Form 1099-MISC. Then, you will include a business expense for contract labor to account for the money that you paid the other musicians. That way, you are only being taxed on your portion of the income.
The other musicians are responsible for reporting and paying taxes on their portions. If the amount you paid each one exceeded $600, then you are technically responsible for issuing them a Form 1099-MISC for their portions.
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