I think you're after a Merge Field.
In Layout Mode
Select Insert Menu > Merge Field
Select the producers field , place it where you want the label. You can set style as you see fit.
Using a merge field on the layout is probably the best way to go for this but you would not be selecting the actual Producers field. Instead, you need a calculation field that will return the label when required. It may be called producers_fieldlabel and would use something like:
If ( IsEmpty ( producers ) ; ""; "Producer(s)" )
You could also use conditional formatting. For example, you could have label text that is set to be transparent (and thus invisible) if the Producers field is empty.
Thank you all for great replies! Good information all around -- I need help . . .