Lil Pump is flying high on the success of his "Gucci Gang" hit record, which has climbed its way up the Billboard Hot 100 singles chart, settling in at a No. 3 slot. Now we have some new details on how he's racking up the money when it comes to his music.

According to TMZ, the Miami native reportedly received a $345,000 advance from Warner Bros. Records for his self-titled debut album this year, including him also retaining 15 percent of his royalties. Pump's contract with the label apparently requires him to make five total albums, which must include 14 songs on each project.

The contract also reportedly reveals that the rapper could potentially receive up to $500,000 on the advance of his fifth album in the future.

Even though TMZ portrays the record deal in a positive light, the details of the signing between Pump and Warner Bros. are still a bit cloudy. The advance he received for Lil Pump is money that the label seeks to recoup through his record sales, including the earnings of "Gucci Gang." Being that the track is doing increasingly well in the music community, it looks like the Pump could make a good amount of dough through his 15 percent royalties.

Pump will also earn a share of the money made off of his merchandise, but the percentage has not been disclosed.

XXL has reached out to Warner Bros. for comment.

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