Simon Cowell admits this seasons X Factor is a crucial one for the show's future Reuters

Simon Cowell has admitted that The X Factor faces the axe if it doesn't return to its former glory.

Speaking to Daily Star Sunday, the music mogul revealed that this year is "make or break" for the ITV talent show. His comments follow reports that ratings continue to plunge in the battle with the BBC's Strictly Come Dancing.

"It does feel like make or break this year, but I feel like every year is make or break to be honest," he said. "There were certain years when certain people won and it was like 'oh Christ'."

The 55-year-old industry vet is hoping that an all-new line-up, which will see pop star Rita Ora and Radio 1's Nick Grimshaw join him and Cheryl Fernandez-Versini on the judging panel, will help breathe new life into the singing competition.

Grimshaw, 30, and Ora, 24, replace long-serving judge Louis Walsh and former Spice Girls singer Mel B, whose departures were announced earlier in 2015.

Meanwhile, The Saturdays member Rochelle Humes and KISS FM Breakfast Show host Melvin Odoom have been announced as the new hosts of spin-off show The Xtra Factor. They step into the shoes of predecessors Caroline Flack and Olly Murs, who will take over hosting duties from Dermot O'Leary.

Despite speculation that it will take more than an image overhaul to save the show, Cowell says he is more passionate than ever to find new talent.

"Last year's show made me realise there's still a lot of talent to be discovered. You never forget those days when you feel a star is being born," he explained.

Auditions are already under way for the upcoming series, which is expected to return to screens in August.