Speculation over the future of 'American Idol' finally addressed

The popular singing competition is about to hit the finals of the reboot season, and they've finally shared what will be happening after the finale.

It was announced in 2017 that American Idol would be returning after completing its initial run after 15 seasons in 2016. Now, almost at the end of season 16, ABC has announced it will be returning for another season.

As reported by Country Rebel, many television experts predicted that the show would not be returning for a number of reasons, the largest of which was financial reasons.

The reported talent budget for the first reboot season was $50 million. But this was exceeded in the salaries of the three judges and the host alone

ABC forked out a whopping $25 million for Katy Perry alone. Lionel Richie took $10 million, and Luke Bryan and host Ryan Seacrest each took home $12 million.

Another reason it might not make it to a second reboot season was the fact that it lost out in the ratings to a similar talent show, The Voice. American Idol pulled in 7.7 million viewers, while 10.7 million tuned into The Voice instead.

Despite this, the show announced via Twitter that it would be returning for another season in the not too distant future.

Shortly after that announcement was made, all three judges and Seacrest took to the social media site to confirm that they too would be returning for the next season.

Both Perry and Richie decided to share celebratory videos as part of their tweets, clearly excited that they'll get to do it all over again.

Bryan took to Twitter to thank all the fans of the show for making it possible for them to return and do the job they were all enjoying so much.