Business at the Bates Motel is booming, according to The Hollywood Reporter.

A&E announced on Monday that the drama series "Bates Motel" had been renewed for a third season. The cable network series will return in 2015 with10 episodes and production is scheduled to begin later in the Fall.

The series stars Freddie Highmore as the iconic Norman Bates and Vera Farmiga as his mother, Norma Bates. The show is based off Alfred Hitchcock's, "Psycho." According to A&E, "Bates Motel" is the prequel to "Psycho," and illustrates Norman's life throughout his teenage years.

"The incredible writing team and talented Bates Motel cast has made this series one of the most compelling original dramas on television," David McKillop, A&E Network's executive vice president and general manager, said in a statement. "The brilliant twists and turns of the past two seasons keep its loyal fan base coming back for more. We are so proud of the show."

The show's sophomore season ran at 9 p.m. on Monday nights before returning to the 10 p.m. time slot. Currently in the second season, the series averaged about three million viewers with Live+ factored in.

The series premiere episode earned 4.6 million viewers and 2.6 million adults between the ages of 18 to 49. After its series' debut last spring, "Bates Motel" has become the network's highest-rated original drama. The series comes from Carlton Cuse and Kerry Ehrin, who are both serving as executive producers for Carlton Cuse Productions and Kerry Ehrin Productions.

The season two finale is set to air on Monday, May 5. "Bates Motel" airs Mondays at 10 p.m. on A&E.