Copyright is the right that forms the base of all arts, doesn't matter if it's a poem, a photo, a lyric, a beat, or a whole song.
When you create something, you own the copyright of it, which means that you are the owner of your creative work, no one else can claim that it is theirs.
Understanding your rights:
You OWN the copyright just by creating the music and putting it into a fixed and tangible form (eg sing it out loud and it’s no copyright, write or record it and there is). The song is one copyright the sound recording of the specific song is second copyright.
© This symbol stands for Copyright, inside the form we strongly encourage you to add a Legal Name in order to easily claim your creation in case of copyright infringement. You do, however, need to register to PROTECT the copyright in an official copyright office.
℗ This symbol stands for (Phonograph) Sound Recording Copyright, is a different type of copyright and it is not the same as © Copyright.
Please notice that with the agreement you signed, in the Basic account Indiefy has permission to exploit the phonograph and act as a publisher on your behalf.