It looks like the X factor has been hit by the credit crunch! Up until now, even if you didn’t win the show, being in the top three was enough to secure a lucrative recording contract, however this may be all about to change.

Simon Cowell revealed at a press conference yesterday that runners up should not expect to be automatically handed a record deal making it more important than ever to win the show.

Simon explained, "I think under the current climate I would say it is more important to win the show this year more that any other year".

"Like every other business, the record business is tougher than it was last year".

Simon was stern-faced as he told the press conference, "I am not going to make any decisions at this time".