Despite record industry perils, Simon Cowell is ready to offer 'X Factor' winner $5-million record deal
The competition, which premieres this fall on Fox, will award the winner a staggering $5-million record deal -- the largest guaranteed prize in television history -- the network announced Monday morning.
The record deal will be through Syco, which is a joint venture between Sony Music and Cowell.
With the record industry in a state of peril -- especially as album sales continue to plummet and with even digital sales hitting lows -- Cowell said there was some initial hesitation about handing out the record-breaking deal, one that greatly dwarfs the $1 million that winners on Cowell’s previous hit Fox competition, “American Idol,” earn.
“I think you should be nervous. The reason we decided [on the major deal] is to show the people who are auditioning that sometimes you have to put your money where your mouth is,” Cowell said in a conference call to reporters Monday. “Putting up that amount is a massive risk. It puts everyone under an enormous amount of pressure. But with that pressure, you have to find a star. I’m nervous, but I’m also confident. It’s a life-changing prize.”