Sanctuary, the first venture capital-backed astrology app, looks to bring the familiar trappings of the on-demand economy to an age-old industry, reports SamAugustDean.
Any entity created on this planet comes into the world with a star chart, dominated by a sun sign, reflecting the motion of the spheres above at its moment of birth.
More recently, the phone psychic network behind Miss Cleo raked in hundreds of millions of dollars in the ’90s, and was fined by the Federal Trade Commission for unfair business practices. Astrology.com recentlyIn 2018, Americans spent $2.2 billion on “mystical services,” according to research firm IBISWorld. And the internet, especially social media, is awash in astrology.
The IBISWorld report found that the market was split among more than 88,000 separate businesses, most of which are run by solo practitioners like Kelly and Koyfman . Right now, the company has 30 astrologers lined up for readings, who work as independent contractors, and a small back-office staff of five.
“Back then, we actually looked at rolling up a bunch of astrology sites — these companies were very antiquated, very web 1.0, mostly marketplaces to connect consumers to shady-looking people,” Birnbaum said. “But I realized it was a massive market, and these companies were making fortunes.”
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