Psychic Friends Network, Inc. ("PFN") is a marketing and entertainment company that provides on-demand psychic advice as well as daily and weekly horoscopes. PFN connects professional live psychic readers with customers via telephone (mobile and landline) and through their newly developed state-of-the-art online platform enabling interaction with video chat, voice or text chat.
PFN pioneered the psychic industry throughout the 1990's with memorable television/radio marketing and infomercials generating nearly $1 Billion in revenues. Since then the psychic market has grown immensely to an estimated $2 Billion a year in the U.S. alone. The same management team who built the iconic "Psychic Friends" brand is working together again; this time with the clear advantage of the internet, social media, and easier methods for billing and better communication technology.
- The Psychic Friends Network dominated the Psychic market throughout the 1990’s. You could not turn on a TV without seeing one of their famous infomercials starring Dionne Warwick.
- PFN was founded in 1990 and had about 3,000 psychics working for them at their peak. PFN earned about $1 billion dollars during the 90’s.
- Since that time we have seen the Psychic market grow to an estimated $2B a year (in the US alone).
- Conflicts with the phone companies regarding billing and a loop hole regarding 900 number’s lead to the company filing for bankruptcy in 1998.
- PFN bought back the assets for $1.85 million in 1999 and won $4.1 million from MCI in a settlement in 2004.
- The same management team who was so successful with the original Psychic Friends Network in the 90’s has brought the company back.
- This time around PFN has the distinct advantage of the internet, social media, easier billing methods and better communications.
- The Psychic Friends Network had incredible success in the 90’s while relying only on the use of telephone lines. It only seems logical that the new PFN is destine to exceed their past greatness.
- New technologies such as social media, face time, mobile texting, and online chat have created the ideal environment for psychic services such as PFN to flourish online and on mobile devices rather than relying strictly on telephone lines.
- PFN has a financing agreement with Right Power Services Ltd for the amount of $750,000 in which the company has already received $500,000.
- The funding provides PFN with the capital to continue executing on its business plan and reestablishing it’s iconic brand.
- PFN has begun the first of many competing service provider acquisitions with the goal of growing and expanding the Psychic Friends Network globally.
- PFN’s goal is to again become the world's leading provider of psychic advice services.
- Today’s psychic service providers still mainly operate with the same telephonic platforms created by the Psychic Friends in the 90’s.
- PFN believes the door is wide open for innovation which includes significant technology upgrades which will be used to capture an even larger demographic with significant disposable income.
- According to a recent report from IBSWorld Market Research, over the five years from 2007 to 2012, while most other industries were suffering the ill effects of an economic downturn, the psychic services industry grew at an average annual rate of 2.0% to an estimated $2.1 billion.
- PFN CEO Marc Lasky said, "Our goal is to once again dominate the psychic service industry, just as we did when we pioneered the concept a decade and a half ago. Right now, the industry is fragmented. We believe we can provide a better product to customers around the globe by consolidating and expanding psychic services, and once again controlling their quality."
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