Whether you believe in psychic consultation or not, the industry pulls in $2 billion a year and is primed for disruption. Pay-per-minute phone calling still dominates the market despite being around for decades. Launching today, PsychicsLive.com is a new psychic consultation video chat site designed to give people a face-to-face connection with spiritual advisors. By taking a cut of the $2 to $6 a minute users pay to learn the future or just receive on-demand therapy, PsychicsLive.com could quickly turn profitable. Miss Cleo’s slogan “Call me now!” may soon give way to a generation of psychics asking you to Skype them.
Psychic video chat has several advantages over voice calling for both users and PsychicsLive.com. Instead of blindly being matched with “psychics”, users can select who they think matches them. Questions are asked and answered live, but then users can replay their sessions later. The video aspect could also inspire feelings of confidence and intimacy for users, as they know their consultant is actually engaged with them and not doing something else.
For PsychicsLive.com, the video model scales easily. It doesn’t have to pay for expensive phone systems, carrier charges, or call centers. Consultants simply sign up, use their own computers and webcams, and accept clients whenever they’re available. PsychicsLive.com vets the consultants, and operations manager Brad Estes tell me “We’ve kicked people off that didn’t meet our standards.”
Industries typically thought of illegitimate can sometimes lag behind modern technology. Those willing to assess them objectively from a business stand point can find great opportunity behind a sketchy public perception or a model that seems crazy. Remember, most people wouldn’t have predicted virtual goods could become a $2.9 billion a year business.