Gucci Mane has pared down his label’s roster a whole lot, dropping all but two of the artists on 1017 Records.
Gucci made the announcement on Friday (10/18) in a video he shared on Instagram. He noted that he originally wanted to share the news on the prior day, 10/17, but missed it.
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He began by saying that he had seen his label’s most recent profit and loss statement (commonly referred to as a “P&L”), and he wasn’t happy with the results.
“I just seen my P&L with all my artists,” he began. “You know it’s a whole shit show in the industry right now, but when I’m looking at my P&L, and me being a businessman, I think that I’m going to have to release almost all my artists, except for Pooh Shiesty and Foogiano.
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“This is a decision I didn’t want to make. I thought about it. I could keep all of them under the contract. But I said hey, fuck it. Let’s just make the unselfish decision, and let them take they talents elsewhere.”
Gucci said he had “already reached out” to the artists or their reps to tell them about the situation. He closed by saying he was still “looking for new talent to pair with Pooh and Foo, and that’s where I’m gonna put my focus.”
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Check the video below
Pooh Shiesty and Foogiano have both had recent legal problems. Pooh is serving a five-year federal prison sentence handed down in 2022. According to Bureau of Prisons records, he is scheduled for release in April, 2026. Foogiano got sentenced to five years behind bars in 2021 for cutting off his ankle monitor while on probation.
According to 1017’s website, in addition to Pooh Shiesty and Foogiano, the label had been home to Bic Fizzle, Big Scarr, BigWalkDog, Brezden, Hotboy Wes, Kato2X, Li Rye, Lil Zay, Mac Critter, FTO Sett and TLE Cinco.
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Gucci had a different outlook on the record business just a few months ago, when he launched another new label and said he was ready to make his first signees millionaires overnight.
The rap mogul posted a video on Instagram this past July 4 announcing his new imprint, So Icy Millionaires, while also flexing $2 million in cash that he said he was offering to the first artists who sign on the dotted line.
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“You got the Trap God right here. All these are $100,000 a pop,” he said while carrying stacks of money in the studio.
Guwop then proceeds to count the money in multiples of $100,000 before reaching a million dollars.
That’s what I’m willing to invest in my next superstar ’cause I’m starting a whole new label. Fresh! So Icy Millionaires,” he says. “So who you wanna join my new label ’cause I’m looking for my next male superstar.”
The camera then pans to Gucci’s wife Keyshia Ka’Oir who counts an additional $1 million, which is reserved for the label’s first female artist.
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“I got a million for my next female superstar. I got a million for my next male superstar. Who wanna join the So Icy Millionaires? Hit my DM right now. Happy Fourth of July.”
