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On July 22, 2011, the band released a promotional single, "If I Ruled The World" featuring Iyaz, off their second album, Elevate, released on November 21, 2011. The first single, "Music Sounds Better With U," written by the band and Ryan Tedder from OneRepublic, was released on November 1, 2011. Elevate debuted at number 12 on the Billboard 200, selling over 70,000 copies in its first week. According to Forbes.com, Big Time Rush has amassed a net worth of about $8 million dollars in 2011 making them one of the youngest top earners of that year. Shortly before the release of the Elevate, the band announced a national tour.

The Better With U Tour starting in February 2012, which counts with sixteen dates. Several dates sold out within minutes of the announcement. JoJo will be touring with Big Time Rush the first five dates. British-Irish boyband One Direction will be touring with Big Time Rush for 10 out of sixteen dates.

Big Time Rush has announced a summer national tour starting July 5 at the Nationwide Arena in Columbus OH and ending September 18 at the Rose Garden Arena in Portland OR. Cody Simpson and Rachel Crow will be opening up for Big Time Rush. The dates for California sold out within minutes.

Big Time Rush is currently filming the third season of "Big Time Rush". They're also writing new music for the season and a new album in either late 2012 or early 2013.

On March 31, 2012, Big Time Rush released a music video for the song Time Of Our Life with other Nickelodeon stars including themselves, Victoria Justice, Ariana Grande, Elizabeth Gillies, How To Rock Cast, and more. In March 2012 Big Time Rush co-hosted MTV's 10 on top.