Gucci Mane has recently terminated contracts with the majority of artists on his label, pointing to instability within the industry and monetary setbacks:
Gucci Mane took to Instagram and revealed he incurred substantial financial losses with the 1017 lineup
and has released all his artists from their contracts with the exception of Pooh Shiesty and Foogiano pic.twitter.com/HOs6D706GY
— Ahmed/The Ears/IG: BigBizTheGod 🇸🇴 (@big_business_) October 18, 2024
“The current situation in the industry is chaotic, but as a businessman reviewing my profits and losses, I’ve realized I might have to let go of nearly all my artists except for Pooh Shiesty and Foogiano,” he expressed. ”This choice wasn’t easy for me. It took significant contemplation. I could keep them all under contract, but I figured it’s best to make a selfless choice and allow them to pursue their careers elsewhere. I’ve already reached out to all my artists and their legal representatives.
According to 1017’s official site (though it might not be completely reliable), the rappers that Gucci has recently released include:
Bic Fizzle, Big Scarr, Bigwalkdog, Brezden, Hotboy Wes, Kato2x, Lil Rey, Lil Azy, Mac Critter, FTO Sett, and TL Cinco.
Do you believe Gucci is financially strained?