Elastic Artists is having a rough go these days as the agency is in serious financial trouble. In fact, it look like they might be going under. The company is holding payments from their artists and there doesn't seem to be a solution in sight.
As a way to get back at Elastic Artists for not paying their artists, the MC collective known as Levelz hijacked the companies social media accounts. Levelz even went so far as to post a supposedly fake kidnapping video (which has since been removed) where the collective "kidnaps" the Elastic Artists creative director and hold him for ransom. Now the authorities are getting involved by investigating the situation.
RA has reported that on the Companies House website, Elastic Artists faced £147,000 in debt and had a loss of £7,000 in the financial year ending May 2014. Who knows what the figures are now. It's being said that up to 24 employees will lose their jobs.
No official statement has been made by Elastic Artists and they have yet to contact their artists to explain the situation. We'll have more information as it arises.