"Idol" update!

DAVID ARCHULETA may have finished second on "American Idol," but he still scored big with a major label record deal! ET confirms that the runner-up will release an album through 19 Recordings/Jive Records, the same label winner DAVID COOK is signed with.

Meanwhile, fans will have to wait to see "Archie" in concert. The Salt Lake Tribune reports that a concert set up by his father has been cancelled before tickets even went on sale.

The event was to take place at the E Center in West Valley City, Utah, where David could thank his fans and sing a few tunes.

"They're just going to reschedule the event for a later time," JEFF ARCHULETA told The Tribune. "When all the minds met, everyone concluded this wouldn't work out for this particular weekend, and they just want to reschedule it for toward the middle or the end of the ["American Idol" summer] tour."