The X Factor's wannabe singers strive to prove to Simon Cowell that they've got what it takes to make it in the music biz, but does FOX's new series have what it takes to make it on the Fall TV lineup?

Cowell's U.S. version of the overseas smash series that will award $5 million to a single winner premiered Wednesday to 12.4 million viewers -- nearly half of what Cowell's former series, American Idol, saw its season premiere to last year.

Wednesday's X Factor premiere ratings were also far below those of ABC's Modern Family premiere, which was viewed by 14.3 million people.

While the X Factor ratings will likely pick up as the competition grows more fierce, it's clear Cowell's quest to overtake Idol is off to a slow start.

Ahead of next week's third audition episode, tell Us: Do you prefer X Factor or American Idol?

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Do You Prefer X Factor or American Idol?

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Do You Prefer X Factor or American Idol?