So what if he didn’t win American Idol! David Archuleta has inked a record deal with 19 Recordings/Jive Records, the same label winner David Cook is signed to.

“Signing a record contract with 19 Recordings/Jive Records is truly a dream come true,” Archuleta said in a statement. “I’m really excited to start working on everything.”

The 17-year-old Utah native already has three songs on the Hot 100 chart, including his memorable rendition of “Imagine” and “In This Moment,” the song he performed at the Idol finale.

Simon Fuller, the mastermind behind Idol and the chief executive of 19 Entertainment Label Group, called Archuleta a “genuine pop star” and said he “has a great future ahead of him.”

Still, Archuleta remains humble and cautious, telling PEOPLE last month that “school is really important, especially after all this ends. It would be nice to make a living off of it but you never know.”

Fans of Archie, as Cook affectionately calls him, should expect his debut album later this year. Up first: The Idols Live Tour, which starts July 1 in Arizona. –Shari WeissSteve Granitz/WireImage