Simon Cowell hoping 'Midas Touch' will lead to boyband success

Simon Cowell’s new boyband search show will be called ‘Simon Cowell: Midas Touch’.

The music mogul – who was the mastermind behind One Direction – is on the hunt for a new group and will share the highs and lows with viewers on his upcoming reality TV show.

A source told The Sun newspaper: “Simon has been speaking to Netflix for months about this new show and they’re close to dotting the I’s and signing the T’s.

“Netflix is the perfect place for his new show and Box To Box, who are producing the series, have worked with them before.

“Simon and his team have been working so hard on getting the show off the ground and a final deal is so close now.

"The name of the show has given people a bit of a laugh.

"Simon knows he is the best at what he does and calling his show Midas Touch gives a new meaning to blowing your own trumpet.”

'Midas Touch' will see the reality TV judge travel to Newcastle for auditions on July 4 and 5, before moving on to Liverpool, Dublin and London.

He will be hoping to recreate the success he had at 'X Factor' auditions in 2010 when Niall Horan, Liam Payne, Zayn Malik, Harry Styles and Louis Tomlinson auditioned as solo singers.

Simon and his fellow judges put the quintet together to form One Direction, who went on to become one of the biggest boybands in the world.

However, it is likely that Simon will make one big change with his new boyband after recently admitting his big regret with One Direction was that he did not keep the rights to the group's name.

Speaking on 'The Diary of a CEO' podcast, Simon explained: "The one thing I regret is I should have kept the name. I should have owned the name. That's the problem. When you give an artist the name, it's not yours. And that's my only regret. So if you're listening, I'll buy it back from you.

"If one of the band members, for whatever reason, say they don't want to tour, it can stop the others [from] touring. So, if it was me who owned the name, it wouldn't be a problem.”