It doesn't come as much of a surprise seeing as it's been off air for several years and ratings were said to have fallen considerably in its last few seasons.
But considering the cultural juggernaut it once was, it does mark the end of an era.
It managed 15 series during its run, meaning there have been 15 winners of the competition.
Some have been more successful than others, but here's what they're up to now...
The contest's first winner has gone on to become one of its biggest critics since his 2004 triumph.
Steve Brookstein was dropped from his record deal just months after he found success with his debut album and went on to accuse The X Factor of “killing music to make light entertainment”.
He also detailed his experiences in a book Getting over the X, which was released in 2014.
In 2019, he called for the show to offer better aftercare to its contestants, claiming that it had acted as a "trigger" in worsening his mental health.
While he has kept up with making music, he hasn't yet recaptured his former commercial triumphs.
Shayne Ward was the first X Factor winner to release an original song as his winner's single and That's My Goal proved to be a huge success in 2005.
It was followed up by his eponymous debut album that topped the Ireland and UK albums charts. His second album Breathless released in 2007 didn't quite reach the same dizzying heights as his first, but it still debuted at number two in the UK, only held off by Leona Lewis' debut album (but more on her later).
Read more: Shayne Ward shows off body transformation
Two more albums followed, but then TV acting came calling after some stage work and he took on the role of Aidan Connor on Coronation Street in 2015, bowing out in 2018 as part of a male suicide storyline.
He made a return to music last month as he released brand new single, Crazy In Love.
The softly-spoken Leona Lewis has a voice that packs a punch and it won her the 2006 series.
Her debut studio album Spirit stormed to the top of the chart with Bleeding Love becoming a huge hit and the best-selling single of 2007.
She's even managed the feat of a successful Christmas song as One More Sleep, released in 2013, has become a festive playlist favourite.
After four studio albums with Syco she parted ways with the label in 2014, with her latest studio album I Am released in 2015.
Lewis is currently working on new music but it also set to go on tour with Gary Barlow later this year.
Scottish singer Leon Jackson was surprise outsider winner of the show in 2007, but like his predecessors his debut single was a massive hit.
His subsequent album and second single managed moderate success but he was ultimately dropped by Syco.
Jackson has yet to produce a second studio album and has kept a lower profile than most X Factor winners though also has songwriting credits to his name, penning a song for The Voice UK finalist Vince Kidd in 2012.
Alexandra Burke gave the entertainment show one of its most memorable moments when she was visibly overcome with emotion at performing with Beyonce during the show's 2008 final.
Her winner's single, a cover of Hallelujah, was a big success as was the debut album that followed.
In 2020, Burke opened up about the racism she'd experienced in the music industry saying she had been told to bleach her skin and avoid wearing braids or afro hairstyle.
The songstress was a runner-up on Strictly in 2017 while this year she won star baker in an episode of The Great Celebrity Bake Off.
Theatre has also been a successful avenue for Burke, who's starred in Chicago, The Bodyguard and Sister Act The Musical in the West End.
There was some exciting news announced last month as it was revealed she will feature in Dionne Edwards' upcoming film Pretty Red Dress.
Baby-faced Joe McElderry won the X Factor at the tender age of 18 in 2009.
However, he was a denied a Christmas number one after a Facebook campaign critical of the show's dominance in the festive charts successfully got Rage Against The Machine's Killing in the Name to the top spot.
McElderry has released five albums with varying degrees of success while other achievements include winning Popstar to Operastar in 2011.
Like other stars from the show, he's also enjoyed theatre roles including a stint as the lead in a touring production of Joseph and the Amazing Technicolour Dreamcoat.
McElderry, who released new single Baby Had Your Fun this year, is set to tour later in 2021.
It's strange to think One Direction didn't win their X Factor series considering the huge global phenomenon they went on to become, but it was Matt Cardle who was triumphant in 2010.
He scored the Christmas number one that year and put out an album that debuted at number two in the UK Charts.
The writers of his single Amazing sued Ed Sheeran for plagiarism in 2016 in a case that was eventually settled, though Cardle said it was "not [his] lawsuit" and that he thought Sheeran was a "genius".
Subsequent albums haven't been quite as successful though he's still putting out new music, releasing two singles this year from his upcoming fifth album.
The first group to ever win the competition became one of its greatest success stories, racking up hit after hit in the years since their 2011 victory.
Little Mix, originally made up of Jesy Nelson, Jade Thirlwall, Leigh-Anne Pinnock and Perrie Edwards, have seen their six albums spawn hits like Black Magic, Shout Out To My Ex and Sweet Melody.
Watch: Little Mix get their own waxworks at Madame Tussauds
Their most recent album, Confetti, peaked at number two in the UK Albums Chart. It will be the last record to feature Nelson, however, as she announced her departure from the group last year.
Pinnock, Thirlwall and Edwards remain, although all four were recently honoured with their own waxworks at Madame Tussauds London.
James Arthur released a cover of Shontelle's Impossible after winning in 2012 and it topped the charts upon its release.
His debut album came it at number two although controversy followed in 2013 after he was slammed for using homophobic lyrics, something he later apologised for.
After Twitter spats with comedians Frankie Boyle and Matt Lucas, and singer Lucy Spraggan he handed over control of his account to his management.
Arthur's second studio album was a success too landing at number one with his follow-up You in 2019 debuting at number two.
He leant his vocals to top 10 hit Lasting Lover with DJ Sigala last year and his fourth album is slated for release later in 2021.
Sam Bailey hit a number one with her winner's single Skyscraper but was dropped by Simon Cowell's Syco label a year later.
At the time she told fans she was "genuinely happy" with the decision. Her latest album, Sing My Heart Out, was released in 2016.
The mother-of-three has found success on the stage as she's played Mamma Morton in a UK tour of Chicago and starred in Fat Friends - The Musical.
Later this summer, she will portray Mrs Potts in the Beauty and the Beast Musical in a new UK tour.
The 2014 champ Ben Haenow scored a Christmas number one but failed to follow-up the success with another hit.
A duet with American Idol’s Kelly Clarkson peaked at number 21 in the charts and by 2016 he had split from Syco.
He's still making music, putting out two singles last year including a cover of Blondie's Heart of Glass.
Louisa Johnson, known as simply Louisa, was 2015's The X Factor victor aged just 17-year-old.
Although her winner's single Forever Young debuted at a disappointing number nine, she provided vocals on Clean Bandit's Tears the following year which was a commercial success.
Her further musical efforts haven't been so well received though she maintains a popular presence on social media with 800,000 followers on Instagram.
After winning the 2016 final Matt Terry's winner's single When Christmas Comes Around, which was co-written by Ed Sheeran, failed to make it to number one.
His debut album Trouble peaked at number 29 and he was dropped from his record label, RCA Records, the following year.
He went on to star in the UK production of Madagascar - The Musical and continues to put out music, regularly sharing covers to his YouTube channel.
Rak-Su have the unique distinction of being the only winners to pen their own winner's single.
When they won in 2017, their song Dimelo entered the entered the charts at number two while they had also racked up four iTunes hits.
They went on to support X Factor alum Little Mix during a 2018 tour and Olly Murs in 2019.
The group, made up of Ashley Fongho, Jamaal Shurland, Myles Stephenson and Mustafa Rahimtulla, have continued to release singles in the years since and released their latest EP back in April.
Dalton Harris may well be the X Factor's last ever victor given the news it's been axed.
The Jamaica-born star can still be seen regularly posting singing videos to his TikTok too, where he has over 38,000 followers.
He also recently celebrated getting 1 million hits on the video to his song Cry.
Meanwhile, he's has also kept fans updated with his fitness journey on Instagram.
Watch: Simon Cowell reportedly axes The X Factor after 17 years