One Direction aren’t going anywhere after signing a new multi-million pound deal with Simon Cowell’s record label Syco.
And The X Factor boss is ‘delighted’ his money-making group will be under his wing for at least another few years.
A Syco spokesman confirmed: ‘Simon Cowell and One Direction are delighted to confirm they have agreed to continue their hugely successful relationship with a new long-term agreement with Syco.
‘Simon and the band look forward to many years of continued success together.’
As part of the deal, worth an estimated £10 million, Harry Styles, 19, Niall Horan, Liam Payne and Zayn Malik, all 20, and Louis Tomlinson, 21, are expected to churn out three more releases – two studio albums and a greatest hits collection.
The big-money contract will take effect after the release of their forthcoming third album, Midnight Memories, which hits shelves on November 25, and should see them through until 2016.
A source revealed: ‘This is a big deal for Simon and the lads.
‘It shows confidence that they have a long-term future and that a split or members going solo is highly unlikely. It will easily keep them busy until the end of 2015 and probably 2016 too.
‘The boys, Simon and their team have already started planning for their fourth album, even though the third isn’t out yet.
‘It’s worth a lot of cash too. They’ll get a big upfront payment worth millions then much more from record sales, tours, brand tie-ins and merchandise,’ the insider added some stories about the crew incase you don't know them, they re an English-Irish pop boy band based in London, consisting of Niall Horan, Zayn Malik, Liam Payne, Harry Styles and Louis Tomlinson. They signed with simon cowell's record label syco records after being formed and finishing third in the seventh series of the British televised singing competition the x factor in 2010. Propelled to international success by the power of social media, One Direction's two albums up all night and take me home, released in 2011 and 2012 respectively, broke several records, topped the charts of most major markets, and generated hit singles, which include "what make you beautiful" and "live while we re young".
Often described as forming part of a new "British Invasion" in the United States, the group have sold 19 million singles and 10 million albums, according to the band's management company, Modest! Management. Their achievements include two BRIT Awards and three MTV Video Music Awards.. According to Nick Gatfield, the chairman and chief executive of Sony Music Entertainment UK, One Direction represented a $50 million business empire by June 2012. They were proclaimed 2012's "Top New Artist" by Billboard. By April 2013, the band had an estimated personal combined wealth of £25m.
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