LAS VEGAS , Aug. 10, 2012 /PRNewswire/ -- The Psychic Friends Network (OTCBB: PFNI) a marketing/ entertainment company providing online and telephonic psychic advice, today continued to expand its dominance of the psychic services field with its purchase of PsychicFriendsNetwork.net.

The purchase comes just a month after the burgeoning psychic service provider bought out another direct competitor, PsychicFriend.com. The purchases are part of PFN's announced program of acquiring various competing psychic services as it grows and expands the Psychic Friends Network brand globally. The company's goal is to again become the world's leading provider of psychic advice services.

PFN CEO Marc Lasky said, "We make no secret about the fact that we are determined to once again dominate the psychic service industry. This is what we did when we pioneered the concept a decade and a half ago. And the field is now wide open to reassert that leadership.

"That's why we have broadly expanded the PFN service menu, and are rapidly expanding our base as well. In terms of both quality and accessibility, the psychic services industry is an arena where bigger is clearly better."

Recent business analysis of the psychic services industry, reveal it to be a highly lucrative, yet largely fragmented, marketplace. According to a recent report from IBSWorld Market Research, throughout the recent economic downturn, the psychic services industry grew at an average annual rate of 2.0% to an estimated $2.1 billion over the past five years.

Despite the consistent popularity of psychic services, no single service has emerged as a modern industry leader the way the original Psychic Friends Network did throughout the 1990's. According to the popular website ranking engine Alexa, nearly 7400 psychic services now offer their wares online. Yet none has achieved a dominant position.

"We believe the growth opportunity for a quality psychic service is even more pronounced today than it was in the Nineties," said Lasky. "Back then, the idea of getting a live reading by telephone was revolutionary. Now, it is widely accepted and even embraced. As the popularity of the new National Geographic reality TV show 'American Gypsies,' indicates, we are expanding into a receptive marketplace -- and PFN is still the only widely known brand."