Label created by producer Richard Perry in 1978 as a side vehicle for showcasing new talent he was nurturing while he was still producing existing artists for other labels. By far, Planet Records' biggest selling act was the Pointer Sisters, whom Perry lured away from Blue Thumb/ABC Records. Their releases kept the label alive - the sales of 1983's "Break Out" topped five million and 1985's "Contact" topped two million, and the two made more money for Perry than all the other Planet releases combined. Other acts included Bill Medley, Greg Phillinganes, the Plimsouls and American Noise.

Perry sold the label to RCA in 1982, which kept the label alive as a subdivision through late 1985, after which the Pointer Sisters, Phillinganes and Medley were signed to RCA proper. The remaining artists on Planet's roster did not have their contracts renewed and the label was ultimately liquidated by the end of the 80's.

Planet Records had also operations in Germany, named Planet Records as well and managed by Richard Perry in a fashion similar to its American counterpart but with additional staff and physical space in Germany. Like the original US imprint, the German offshoot had two separate distributors. It was distributed by WEA Musik GmbH concurrent to Planet being distributed by Elektra in the US. The relationship with WEA Musik GmbH ended in late 1982, at which time RCA Schallplatten GmbH took over distribution responsibilities for the German and European markets outside of the UK (a few exceptions were handled by RCA's U.K. division). This followed in the footsteps of the American offices switching from Elektra to RCA for distribution in the US, Canada and most North and South American markets.

However all Planet Records releases should be submitted under Planet Records (5) uniformely.