Simon Cowell is undoubtedly a huge success and has transformed the music industry forever, but despite having a near-flawless career in several television and music projects, the brutally honest Englishman's biggest failure could be seen as the cancelation of the US version of The X Factor.

Simon Cowell
Cowell reckons the US version of The X Factor is not yet finished

However, Cowell remains optimistic about the reality singing show's future in the States, and in an interview with the FT Weekend on Friday (Oct 10th), he claimed the US X Factor "will come back again."

The 55 year-old music mogul blames himself for the show being cancelled, admitting that he was too braggadocios before it even aired.

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"I stupidly said at the beginning, 'We're going to get 20 million people,'" he admitted. "I didn't realize the market had changed so quickly and we got 12. So I felt from the outset that we'd failed and so did everybody else. I should have thought, 'Actually, 12 is fantastic', and kept my mouth shut. I think, on both sides, it was a mistake to throw the towel in."

But Cowell still thinks The X Factor will be granted another chance to succeed. "I think it will come back again," he said. "The thing about X Factor is you know what you're getting... [I]f we said, 'There's a low base of five to six million', we might build on that but it won't be less, compared to a new drama that might only be a million. There's a reason it produces so many stars, unlike the other shows. It doesn't rely on gimmicks: a spinning chair, or a wall going up and down. I genuinely do believe it's the best format."

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He added, "I think if they'd stuck with it and I'd had a bit more confidence, I would have turned that show around in a couple of years. I would have just kept on banging away, banging away. You get one lucky year with casting, you get a One Direction, and the whole thing turns on its head."