Phonograph or P Line (℗) identifies the rights owner of a sound recording (track).
Who is distributing an Album should own or license these rights, usually Record Labels.
Copyright or C Line (©) identifies the composition and lyrics rights owner of a song.
Usually songwriters, but you can find Record Labels (usually from Majors) when they acquire the composition.
If you’re a Record Label but you don’t own the copyright, you can fill C Line with Artists Names.
Suggested formats:
When artist only grants explotation rights:
When artist grants Recording ownership:
When artist grants Recording and Composition ownership: