He changed the landscape of British music when he launched his talent shows The X Factor and Britain’s Got Talent.
But now Simon Cowell fears the UK is not finding enough breakthrough talent, saying record labels are not signing enough new stars, who face too much competition online.
The music mogul, who had global success with One Direction and Westlife, is determined to change that with a new project in which he holds auditions for a new band.
Cowell, 64, said: ‘Right now record labels aren’t signing enough new talent.
‘So the amount of UK artists who are breaking worldwide has literally fallen off a cliff because I think there is too much competition online.
‘People don’t knock on your door saying, “I’ve got a new band”. It doesn’t happen. You’ve got to go out there yourself and do it. So that’s what we are doing.’
The last British pop act to find global success was Dua Lipa, who was signed by Warner Records in 2014.
In contrast, in the 1960s, 70s, 80s and 90s there was no shortage of world-beating musical acts such as the Beatles, the Rolling Stones, Wham! and Take That.
Music industry insiders say this was a contributing factor behind Glastonbury organisers’ struggle to find big enough headliners for this year’s festival.
Ms Lipa, 28, is top of the bill at the Pyramid stage on Friday, with Coldplay being the Saturday headliners – for the fifth time.
The American artist SZA will headline on Sunday night.
An industry insider said: ‘When you stop and think about it, there hasn’t been anyone huge in the last decade who has gone on to have huge international success.
‘It’s something you really notice when you look at something like Glastonbury.’ Cowell launched his new series, Simon Needs You, this month when he painted his own billboard to promote it.
He has yet to reveal which TV broadcaster will screen it or which record label his band will sign to.