As a part of Fox’s recent efforts to boost their under-performing music competition shows, the network announced Tuesday (May 15) that Pop singers Britney Spears and Demi Lovato are joining the judging panel on “The X Factor” this fall.

The official announcement follows weeks and weeks of rumors that Britney Spears would be joining the show.

In addition to Simon Cowell and L.A. Reid, Britney and Demi Lovato were both on hand for the press conference, which was held at New York’s Beacon Theater.

Demi Lovato said she was “totally stoked” to join the cast of The X Factor. “I’m excited to represent my generation,” she said.

“I’m so excited about the whole experience,” said Britney Spears. “It’s going to be so much fun and different from anything I’ve ever done. I’m ready to find the true star.”

“I couldn’t be more excited to join The X Factor judging panel. I’m a huge fan of the show and now I get to be a part of the action,” she told Us Weekly in a statement Monday. “Simon and L.A. better watch out!”

Britney and Demi wall obviously replace former judges Paula Abdul and Nichole Scherzinger, who were both let go, along with host Steve Jones, after last fall’s debut season of the show didn’t meet expectations. A replacement host has yet to be announced.

Peter Rice, entertainment chairman for the Fox Networks Group, believes that the new line-up will be “more effective” and “more entertaining.” He added, “Not to be negative about the people leaving…”

Check out the pics from the press conference in New York below:

What do you think about the new X Factor line up?