{"product_id":"iheartmedia-five-forces-analysis","title":"iHeartMedia Porter's Five Forces Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eA Must-Have Tool for Decision-Makers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eiHeartMedia faces intense competitive rivalry from streaming services and localized broadcasters, while advertiser concentration and digital platform power shape buyer influence. Content costs and talent contracts drive supplier pressure, and low switching costs increase substitute threats. This brief snapshot only scratches the surface—unlock the full Porter's Five Forces Analysis to explore iHeartMedia’s competitive dynamics in detail.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eS\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003euppliers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eConcentrated music rights holders\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eMajor labels and publishers remain highly concentrated—Universal, Sony and Warner control roughly 70% of recorded music market share in recent industry reports—letting them set licensing terms for radio simulcast, streaming and podcasts. PROs such as ASCAP\/BMI (together representing well over 1.5 million works) and SoundExchange administer floor pricing and add fee complexity. Limited substitution for hit music elevates supplier leverage; long-term deals reduce volatility but do not eliminate upward rate pressure.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStar talent and top podcasts\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eHigh-profile hosts and podcast creators can demand favorable splits and marketing support, pressuring margins as iHeartMedia reported roughly $3.0B revenue in 2023 and podcast revenues exceed $300M annually. Audience portability boosts leverage—top shows command seven‑figure exclusive bids—driving up content costs. Lengthy contract cycles create renewal risk and churn, forcing premium retention spending and revenue volatility.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDistribution and platform gatekeepers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eApp stores typically collect up to 30% commissions and iOS\/Android together held over 99% of mobile OS share in 2024, while CarPlay\/Android Auto were supported in more than 80% of new vehicles that year, making these ecosystems primary discovery channels. Policy or ranking shifts (search, voice, or home screen placement) can materially reallocate traffic and ad yield. Revenue-share rules and restricted audience-level data raise supplier dependency, and although iHeartMedia uses broadcast, apps, smart speakers and in-car integrations, multi-channel distribution reduces but does not eliminate gatekeeper influence.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eBroadcast infrastructure and tech vendors\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eBroadcast towers, transmitters and engineering services are specialized and regionally concentrated, creating high switching costs that can take months and millions in capex to reverse; iHeartMedia operates 850+ stations and reported roughly $3.2B revenue in 2024, giving suppliers leverage on localized infrastructure. Cloud\/CDN, ad-tech and measurement partners increasingly embed data and integration lock-in, further raising vendor power, though iHeartMedia’s scale and ad volume provide some bargaining offset with volume discounts and multi-service deals.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eSpecialized tower\/transmitter supply — high switching cost\u003c\/li\u003e\n\u003cli\u003eRegional concentration — localized vendor leverage\u003c\/li\u003e\n\u003cli\u003eCloud\/CDN\/ad-tech lock-in — embedded switching frictions\u003c\/li\u003e\n\u003cli\u003eScale offset — 850+ stations and ~$3.2B revenue enable bargaining\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eData, measurement, and ad-tech partners\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eRatings firms like Nielsen, attribution providers, and DSP\/SSP platforms materially shape iHeartMedia monetization: programmatic channels accounted for roughly 86% of US digital display spend in 2024, driving CPMs tied to third‑party metrics. Methodology changes (panel weighting, ID resolution) can shift measured audience and revenue outcomes quarter‑to‑quarter. Limited interoperability across ad‑tech stacks raises switching costs, while co‑developed measurement solutions dilute single‑vendor power but create workflow lock‑in.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eRatings influence: Nielsen remains primary audio currency (~90% market reliance)\u003c\/li\u003e\n\u003cli\u003eProgrammatic weight: ~86% of US digital display in 2024\u003c\/li\u003e\n\u003cli\u003eMethodology risk: measurement changes can move CPMs and revenue quickly\u003c\/li\u003e\n\u003cli\u003eLock‑in: co‑development balances influence but cements workflows\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLabels dominate ~70% share; app stores 30% fees and seven-figure pod deals reshape audio\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eMajor labels control ~70% of recorded-music share, giving licensees pricing power; PROs\/SoundExchange set floor rates. Top podcasters command seven‑figure deals as iHeart reported ~$3.0B rev in 2023 and ~$3.2B in 2024. App stores take up to 30% with iOS\/Android \u0026gt;99% share (2024). Towers\/engineering are regionally concentrated; iHeart operates 850+ stations, creating high switching costs.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eSupplier\u003c\/th\u003e\n\u003cth\u003eKey stat (2023\/24)\u003c\/th\u003e\n\u003cth\u003eImpact\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eMajor labels\/PROs\u003c\/td\u003e\n\u003ctd\u003e~70% market \/ 1.5M+ works\u003c\/td\u003e\n\u003ctd\u003eLicensing leverage, upward rates\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePodcasters\/hosts\u003c\/td\u003e\n\u003ctd\u003e7‑figure exclusives; $300M+ podcast rev\u003c\/td\u003e\n\u003ctd\u003eMargin pressure\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eApp stores\u003c\/td\u003e\n\u003ctd\u003e30% fee; iOS\/Android \u0026gt;99% (2024)\u003c\/td\u003e\n\u003ctd\u003eDiscovery gatekeepers\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTowers\/engineering\u003c\/td\u003e\n\u003ctd\u003e850+ stations; regional vendors\u003c\/td\u003e\n\u003ctd\u003eHigh switching cost\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eConcise Porter's Five Forces overview identifying competitive rivalry, buyer and supplier power, substitute audio platforms, and barriers to entry—tailored to iHeartMedia’s market position and strategic vulnerabilities.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eA concise one-sheet Porter's Five Forces for iHeartMedia that instantly visualizes competitive pressure with a spider chart and customizable inputs for shifting ad markets and streaming trends—ready to copy into decks, integrate into Excel dashboards, and usable without macros.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eustomers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAdvertisers and agencies consolidate spend\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eLarge brands and holding-company agencies consolidate spend—WPP, Omnicom, Publicis, IPG and Dentsu collectively manage roughly 50% of global ad budgets in 2024—forcing iHeart to offer volume discounts and integrated audio\/digital packages. Multi-homing across streaming, podcasts and broadcast raises price sensitivity and lowers switching costs. Advertisers demand tighter attribution and performance guarantees, using upfront and scatter cycles for timing leverage.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eProgrammatic and performance buyers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eProgrammatic trading now accounts for roughly half of digital audio and podcast buys in 2024, raising price transparency and enabling buyers to shop inventory across publishers. That cross-platform optimization has put downward pressure on CPMs, which many buyers reported compressing year-over-year in 2024. Data-driven targeting shifts power toward measurable outcomes and attribution, while private marketplaces regain some control but must demonstrate clear lift to command premiums.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLocal SMBs with alternatives\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eLocal SMBs can switch to paid social, search or CTV with low friction; US digital ad spend reached roughly $240B in 2024, making those channels increasingly accessible to small buyers. Budget constraints heighten cost-per-result scrutiny, pushing advertisers toward measurable CPC\/CPA models. Radio still reaches about 90% of Americans weekly, but comparative analytics matter; bundled creative and promotions help reduce churn by boosting ROI.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eListeners as indirect customers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eListeners act as indirect customers for iHeartMedia as audience attention is highly fragmented across audio and video apps; Edison Research 2024 found podcasts reach 62% of U.S. adults monthly, increasing platform competition. Low switching costs reduce tolerance for heavy ad loads and weaken retention, so content relevance and UX are primary loyalty drivers. Personalization and exclusive shows notably increase stickiness and time spent.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eFragmentation: 62% monthly podcast reach (Edison 2024)\u003c\/li\u003e\n\u003cli\u003eLow switching costs: higher churn, lower ad tolerance\u003c\/li\u003e\n\u003cli\u003eLoyalty drivers: relevance, UX, personalization\u003c\/li\u003e\n\u003cli\u003eRetention lever: exclusive content increases stickiness\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eNational buys and category cyclicality\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eNational buys drive iHeartMedia revenue sensitivity because macroeconomic shifts rapidly reduce national ad demand; cyclical categories like auto, retail and entertainment historically lead pricing swings and buyer leverage increases in downturns, while iHearts diversification across categories and digital channels dampens shocks.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eNational ad dependence\u003c\/li\u003e\n\u003cli\u003eCyclical categories influence pricing\u003c\/li\u003e\n\u003cli\u003eBuyers gain leverage in downturns\u003c\/li\u003e\n\u003cli\u003eDiversification reduces volatility\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAgency consolidation and programmatic audio push networks to bundle and guarantee ad deals\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eLarge agency consolidation (top-5 manage ~50% of global ad budgets in 2024) and programmatic (~50% of digital audio\/podcast buys in 2024) increase buyer price transparency; multi-homing and low switching costs (podcasts 62% monthly, radio 90% weekly) push iHeart to offer bundles, performance guarantees and exclusive content to retain ad spend.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2024\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTop-5 agency share\u003c\/td\u003e\n\u003ctd\u003e~50%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eProgrammatic audio\/podcast\u003c\/td\u003e\n\u003ctd\u003e~50%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePodcast monthly reach\u003c\/td\u003e\n\u003ctd\u003e62%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRadio weekly reach\u003c\/td\u003e\n\u003ctd\u003e90%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eUS digital ad spend\u003c\/td\u003e\n\u003ctd\u003e$240B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eSame Document Delivered\u003c\/span\u003e\u003cbr\u003eiHeartMedia Porter's Five Forces Analysis\u003c\/h2\u003e\n\u003cp\u003eThis preview shows the exact iHeartMedia Porter’s Five Forces analysis you'll receive immediately after purchase—no surprises, no placeholders. The document displayed here is fully formatted and ready for use the moment you buy, covering competitive rivalry, supplier and buyer power, threats of entry and substitutes. You're previewing the final version and will get instant access to this identical file upon payment.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"PortersFiveForce","offers":[{"title":"Default Title","offer_id":56162950381945,"sku":"iheartmedia-five-forces-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0914\/5276\/8633\/files\/iheartmedia-five-forces-analysis.png?v=1762711863","url":"https:\/\/portersfiveforce.com\/products\/iheartmedia-five-forces-analysis","provider":"Porter's Five Forces","version":"1.0","type":"link"}