One Direction are expected to earn up to £50 million by the end of the year, according to reports.

The boyband recently revealed the release of their new album later this year and the third instalment is tipped to sell a million copies in the US alone.

Speaking to The Sun, a source said: “They’ll each get £10 million. Striking while the iron is hot is key.”

The boys will also to receive huge royalties from their upcoming movie This Is Us.

The newspaper also reports that drinks giant Pepsi is also considering extending its lucrative deal with the boyband.