Bulk edit for custom taxonomy

What you are looking for is custom taxonomy (which has been mentioned in the comments). Which you create with the register_taxonomy() function. There is a beginners guide here if you need it.

You will need to pass in an array of arguments. The most important is probably hierarchical which is true for something like categories, or false for something like tags.

<?php
    $object_type="lyrics"; // this can be any type including post, page, etc..
    $taxonomy = 'my_featured_artists'; // this could be whatever you want it to be
    $args = array(); 
    $args['hierarchical']=TRUE; // this is probably what you are looking for.
    register_taxonomy( $taxonomy, $object_type, $args );

I found a specific example of a taxonomy for music here. Give it a go and if you run into any specific problems you can always come back and ask more specific questions.