One Direction New Music After 'Midnight Memories' [VIDEO]: Harry, Niall, Zayn, Louis & Liam Sign $16 Million+ Record Deal w/ Simon Cowell's Syco Label

The boys of One Direction might be wrapping up their "Take Me Home" tour and then releasing their third studio album, Midnight Memories, on November 25, but they are still planning even farther into the future of their careers. According to a new, multimillion-dollar deal signed with Sony and Simon Cowell's label, Syco, One Direction will release two more studio albums after Midnight Memories and a greatest hits compilation as well. This means that One Direction will be making music into 2016!

This deal also means that there will be more tours after the 2014 "Where We Are" stadium tour. Zayn Malik, Harry Styles, Louis Tomlinson, Liam Payne and Niall Horan will be incredibly busy for the next few years!

''This is a big deal for Simon and the lads," a source revealed. "It shows confidence that they have a long-term future and that a split or members going solo is highly unlikely. It will easily keep them busy until the end of 2015 and probably 2016 too.

The insider added: ''It's worth a lot of cash too. They'll get a big upfront payment worth millions then much more from record sales, tours, brand tie-ins and merchandise.''

But this news is more than just a story credited to an unnamed source (for once), because a spokesperson for Syco confirmed the news as well.

The spokesperson said: ''Simon Cowell and One Direction are delighted to confirm they have agreed to continue their hugely successful relationship with a new long-term agreement with Syco. Simon and the band look forward to many years of continued success together.''

Here is a video of One Direction last big announcement: