More like "The Axe Factor." Today (Feb. 7), FOX announced that its second musical reality competition, the US version of The X Factor has been cancelled after three seasons.

According to The Hollywood Reporter, the news of The X Factor's cancellation follows declining ratings, as the show averaged just 7 million viewers per episode. Moreover, the show's season three finale was down 45 percent from the previous season, showing a poor pattern for the program.

While 7 million viewers may be a solid enough number to keep some shows afloat, those are poor numbers for a highly produced, expensive show such as The X Factor, that's no good.

Simply put, the show underperformed.

The US X Factor's cancellation also follows the news of two huge departures for the show. Two-season judge Demi Lovato announced she'd be leaving The X Factor back in December. Additionally, earlier today, British X Factor carrier ITV announced that Simon Cowell would be returning to the UK version of the show, meaning he would be unable to maintain a judging position on the US X Factor.

Increased competition from the NBC juggernaut The Voice and high judge turnover did not help The X Factor's renewal chances. The show went through eight different judges (besides Cowell) in three seasons, including Britney Spears, Lovato, Kelly Rowland and Nicole Scherzinger, none of whom helped to bring in more viewers.

But hey, at least we still have American Idol.

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