In a surprising turn of events, Gucci Mane has decided to overhaul his music label, 1017 Records, drastically reducing its roster.
On October 18, Gucci Mane took to Instagram to share a significant decision about his label, 1017 Records. The rapper revealed he had seen the latest profit and loss statement, and the numbers were not promising.
Acknowledging the current chaos in the music industry, Gucci chose to let go of almost all his signed artists, keeping only Pooh Shiesty and Foogiano. “I just seen my P&L with all my artists,” Gucci said candidly, explaining his unhappiness with the financial results.
This decision, although difficult, was made with the artists’ best interests at heart. Gucci expressed that, despite having the option to maintain contracts, he opted to allow his artists to explore opportunities elsewhere.
He clarified that he had already communicated this shift to the affected artists and their representatives. Meanwhile, Gucci remains focused on seeking fresh talent to team up with Pooh Shiesty and Foogiano.
It’s worth noting that both retained artists are currently dealing with legal issues. Pooh Shiesty is serving a five-year federal sentence, while Foogiano is similarly imprisoned for violating probation by removing his ankle monitor.
Just a few months ago, Gucci had an optimistic outlook on the record industry. In July, he launched the So Icy Millionaires label, announcing hefty investments in new artists. This pivot seems to reflect a shift in strategy amidst challenging industry dynamics.
In reshaping 1017 Records, Gucci Mane demonstrates a willingness to adapt. His decision, though tough, might pave the way for new opportunities and innovations.
