The X Factor: Renewed for Season 3!

It may never be American Idol, but The X Factor has grown into a steady fall hit for Fox, which renewed Simon Cowell's creation today for a third season.

“I couldn't be happier about The X Factor already being renewed for another season,” said Cowell in a statement. “I am so proud of the show and the team who have made it this season. I want to thank our incredible sponsors for their support and creativity, and FOX for going out of their way to do everything they can to make this show a success. Most importantly, I have to personally thank our amazing fans for the support and enthusiasm they have given to The X Factor. Our main commitment will always be to find great talent, and let's not forget, we are now days away from our first live shows. The gloves are off! Expect fireworks!”

The X Factor - which goes live with hosts Khloe Kardashian and Lamar Odom on November 1 - is averaging a 3.9 rating in the 18-49-year old demographic, along with 10.6 million total viewers per episode.

Moreover, the additions of Britney Spears and Demi Lovato to the judging table have been met with surprisingly positive reviews from fans and critics. Neither star is signed beyond this season, however.

Matt Richenthal is the Editor in Chief of TV Fanatic. Follow him on Twitter and on Google+.