Signs point to success for mystical-related businesses.
By Rieva Lesonsky
My birthday was last week. That makes me a Gemini, born on the cusp of Cancer. My rising sign is Leo and my moon sign is also Gemini.
TMI? Well, actually according to a report from JWT Intelligence, astrology has gone mainstream, thanks to millennials. The mystical and psychic services market has hit $2.2 billion and is “gaining traction as a viable guide for life decisions ranging from where to go on vacation to who to live with.”
JWTI first noted the astrology resurgence three years ago, but now it’s really taking hold. The report features companies taking advantage of growing interest in this mystical market, including smaller companies that hold workshops about choosing the best places to live, have a wedding, travel, etc.; dating sites that let you filter potential matches by zodiac sign; and bigger companies like Fresh, a beauty brand that collaborated with a famed astrologer to create 12 limited-edition lip treatments, one for each sign of the zodiac.
Other companies getting in on the action include Spotify, which offers curated “Cosmic Playlists,” and Amazon, which added an astrology shopping feature in April. JWTI says that while Amazon’s service has been subject to scorn from people who feel it “cheapens” astrology, “it points to the undeniable reach and marketability of astrology in mainstream culture.”
Some astrology startups are even getting venture funding. For example, the Co-Star astrology app raised $5.2 million in a seed round, and Sanctuary, described as “Uber for astrological readings” raised $1.5 million in seed funding. Ross Clark, the cofounder and CEO of Sanctuary, told JWTI he had to fight the notion that astrology is too niche a market. He believes millennials want a system that “helps them understand themselves and [offers] a way of filtering and working through all the chaos in the world.”
Can you grab a share of this hot market? All signs say yes, but don’t make any decisions July 7 through 31 or October 31 through November 29 when Mercury is in retrograde.