X Factor twins John and Edward have reportedly become the second highest earners from this year’s crop of finalists.

According to the News Of The World the Irish twosome – known to their fans as Jedward – can command up to £40,000 a gig, performing just three songs.

Only series winner Joe McElderry is set to earn more – around £50,000 a show – when he begins taking bookings in the New Year.

And the pair’s asking price is around eight times what series runner-up Olly Murs – the third highest earner – can expect to rake in for a performance.

Fourth highest earner Stacey Solomon, who finished third, is set to earn around £5,000 for a gig. Finalist Rikki Loney – who was booted out in the second week of the finals – is reportedly at the bottom of the heap, and is said to command just £1,500 per show.

“The X Factor was all about Jedward this year,” a source told the News Of The World. “The winner is always looked after financially but there are no guarantees for second, third and fourth place.

“Jedward are in a plum position because they’re being looked after by judge Louis Walsh who wants to make them a lot of money – and make sure they’re in a position to keep making money in the future.

“He’ll be closely monitoring their performances so that they don’t become over-exposed.”

The paper also reports that the Irish twosome have plans to record an album next year – and possibly even release it before McElderry’s debut comes out.

“They have to capitalise on their fame as soon as possible and beating Joe to the record shops would mean they get all the X Factor fans on board first,” the insider said.

“In 2010 they could make the fortune that will set them up for the rest of their lives.”