X Factor facing the axe?

Cowell hints at replacing popular show with a new format...

11:34 20 March 2012

Simon Cowell has signalled that he may decide to axe The X Factor after this year's series.

The showÂ’s creator claims to already have a new format "in development" to replace the aging talent show franchise, which launched in 2004.

The music mogul told the Daily Star:

"In a year's time we might say, 'Right, that's the end of The X Factor. Let's start something new."

Speaking to the publication about last year's much-publicised ratings fall, the Syco boss said:

"I'd rather fall off the cliff on numbers than deteriorate slowly.

"We have something in development which could replace The X Factor. Most things in music, fashion or TV tend to be across a ten-year period.

"The great test of success is if you can transcend a decade. I believe we can do it again if we're prepared to be brave."

The 52-year-old, who quit the talent show last year in favour of launching the competition in the US, also spoke of his intention to return to the judging panel.

An ITV spokesperson said:

"It is the UK's most popular entertainment show and we're looking forward to another great series."