One Direction's UK label boss has said that One Direction currently represent a $50m business empire - and that figure is expected to double next year.

The boyband have taken the globe by storm this year after breaking America and hitting Australia too, building on the success in their homeland Britain.

Music Week reports that Sony Music UK chairman Nick Gatfield said that the band are worth $50m and that figure is constantly expanding. He said:

"What you might not know about One Direction is that they already represent a $50 million business - and that's a figure we expect to double next year."

He added that the band's team currently stands at around 90 people - a staggering amount of staff in employment due to five lads from England. He said:

"The team around them - which includes musicians, stylists, producers, tour managers and so on - account for around 90 people. That's 90 jobs created by these five boys."