Selena Gomez 'Fine' Despite Recent Tour Cancellation

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(Photo: Reuters/Danny Moloshok)Actress and singer Selena Gomez poses at the Women In Film pre-Oscar cocktail party at Cecconi's in West Hollywood, California February 24, 2012.

Selena Gomez is said to be fine despite abruptly canceling the Australian leg of her "Stars Dance" tour.

The "Come & Get It" Singer, 21, was scheduled to perform in Asia and Australia after the New Year however on Monday she announced that she would not perform and instead focus on herself. Gomez kicked off her world tour in August, it was set to wrap up in Melbourne, Australia in February.

"My fans are so important to me and I would never want to disappoint them," Gomez said in a statement obtained by EOnline.

"But it has become clear to me and those close to me that after many years of putting my work first, I need to spend some time on myself in order to be the best person I can be," she continued. "To my fans, I sincerely apologize and I hope you guys know how much each and every one of you mean to me."

In addition to performing her first solo tour in recent months, Gomez has been a performer for the KIIS FM Jingle Ball holiday concert series. The Dec. 6 show at Los Angeles' Staple Center sparked controversy for the former Disney star after she dropped the f-bomb and stormed off stage mid-set, due to technical problems.

"Sorry, the sound isn't working!" Gomez explained to the crowd after the f-bomb saga.

Insiders close to the singer insist that she is doing well, despite growing concerns about her recent tour cancellation.

"Selena is OK. She just realized it was time to take a break for herself," a source told E! News.

"She's been working non-stop for six years. She hit a wall. She wants to spend time with her family, especially for the holidays," the source explained.

The pop star will reportedly focus on resting and spend Christmas with her loved ones.

"Selena is fine, she's in a great space," a source close to the singer told People magazine. "She's looking forward to spending the holidays with her family."