{"product_id":"thryv-pestle-analysis","title":"Thryv PESTLE 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\u003eMake Smarter Strategic Decisions with a Complete PESTEL View\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eGain a strategic advantage with our focused PESTLE Analysis of Thryv—uncover how political regulation, economic trends, social shifts, technological innovation, legal pressures, and environmental factors are shaping its trajectory and competitive risks.\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\"\u003eP\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eolitical factors\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\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGovernment support for SME digitization\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eGovernments worldwide increasingly offer grants and tax incentives—e.g., US SBA and state programs disbursing over $5bn in small business digital grants in 2023–2024—reducing adoption costs for SMEs; Thryv benefits as these lower barriers for its SMB-targeted SaaS. Legislative focus on closing the digital divide (EU Digital Decade targets, US BEAD program $42.5bn broadband funding) sustains a pipeline of SMEs seeking automation, expanding Thryv’s addressable market.\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\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGlobal trade and SaaS regulations\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eAs Thryv expands internationally it must navigate divergent geopolitical stances on software services and cross-border data flows, with 2024 data showing 65% of its SMB clients using cloud features sensitive to localization rules.\u003c\/p\u003e\n\u003cp\u003ePolitical stability in key markets such as Australia and Canada—GDP growth 2.7% and 1.8% in 2024 respectively—supports consistent subscription growth, while US-China and EU trade tensions risk pressuring pricing and margins.\u003c\/p\u003e\n\u003cp\u003eMonitoring shifts in digital services taxes is essential: over 30 countries had DST proposals or implementations by 2025, potentially raising Thryv’s effective tax rate and reducing international profitability.\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\/PESTLE-Content-Political-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\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCybersecurity policy mandates\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003ePolitical pressure to protect consumer data has driven U.S. federal and state cybersecurity mandates—e.g., the 2023 White House Executive Order and 2024 state laws—raising compliance costs; SMB software providers face average security spend increases of 12–18% annually. Thryv must align its platform with NIST, CMMC and state-specific frameworks to retain trust and qualify for public-sector contracts worth an estimated $50–75M ARR. Noncompliance with evolving state-level requirements risks restricted market access and potential penalties that could erode margins and slow growth.\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\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLabor laws and remote work policies\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cpchanges in labor regulations for the gig economy and remote work are driving small businesses to adopt platforms that support decentralized teams thryv reported arr of approximately positioning its saas tools as relevant under pro-remote legislation.\u003e\n\u003cpa political shift toward stronger worker rights us state laws expanding gig-worker protections raise demand for thryv automated hr compliance and scheduling features supporting client retention upsell.\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eThryv ARR ~ $340M (2024)\u003c\/li\u003e\n\u003cli\u003eIncreased state-level gig protections in 2024–25\u003c\/li\u003e\n\u003cli\u003eHigher demand for HR automation and scheduling\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/pa\u003e\u003c\/pchanges\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\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSmall business advocacy and lobbying\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003ePolitical groups advocating for small-business interests push for regulations and funding that level the field against large corporations; in 2024, 68% of state legislatures introduced at least one pro-SME bill, boosting local-market support.\u003c\/p\u003e\n\u003cp\u003eThryv positions itself as an equalizer for SMEs versus big-box competitors, citing 2024 YoY subscription growth of 12% and 3.1 million subscribers as evidence of traction in policy-favored markets.\u003c\/p\u003e\n\u003cp\u003eOngoing political support for local entrepreneurship—including $9.2B in federal\/state small-business grants in 2023–24—serves as a macro-tailwind for Thryv’s subscription expansion.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e68% of state legislatures introduced pro-SME bills in 2024\u003c\/li\u003e\n\u003cli\u003eThryv 2024 subscribers: 3.1 million; YoY subscription growth: 12%\u003c\/li\u003e\n\u003cli\u003e$9.2B in small-business grants (2023–24) fuels local entrepreneurship\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\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eThryv scales with $340M ARR and 3.1M subs as $51.7B public SMB\/broadband support boosts market\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003ePolitical support for SMBs via $9.2B grants (2023–24), US BEAD $42.5B broadband, and 68% of state legislatures passing pro-SME bills (2024) expands Thryv’s market; 2024 ARR ~$340M and 3.1M subscribers show traction. Rising data\/localization rules, DSTs in 30+ countries, and tightened privacy\/cyber mandates raise compliance costs and shape international expansion.\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\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eARR (2024)\u003c\/td\u003e\n\u003ctd\u003e$340M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSubscribers (2024)\u003c\/td\u003e\n\u003ctd\u003e3.1M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSmall-business grants\u003c\/td\u003e\n\u003ctd\u003e$9.2B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBEAD broadband\u003c\/td\u003e\n\u003ctd\u003e$42.5B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCountries with DST\u003c\/td\u003e\n\u003ctd\u003e30+\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\u003eExplores how macro-environmental factors impact Thryv across Political, Economic, Social, Technological, Environmental, and Legal dimensions, with data-backed trends, industry-specific examples, forward-looking insights, and actionable points to inform strategy, investor communications, and scenario planning.\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\u003eProvides a concise, visually segmented PESTLE summary of Thryv that’s easy to drop into presentations or share across teams, helping stakeholders quickly align on external risks, market positioning, and strategic implications.\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\"\u003eE\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003economic factors\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\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInterest rate fluctuations\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eHigh US interest rates in 2024–2025, with the Federal Funds Rate averaging ~5.0–5.25%, squeeze SME discretionary budgets, raising risk of SaaS churn for Thryv as small businesses cut subscriptions; surveys in 2024 showed ~27% of SMEs delayed software renewals due to rates. As rates ease—markets priced for cuts in 2025—SMEs are likelier to invest in productivity tools, supporting ARR growth. Higher cost of capital raises Thryv’s WACC, increasing expense of M\u0026amp;A and R\u0026amp;D financing and potentially slowing product investment unless cash flow covers expansion.\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\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInflationary pressures on SME margins\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003ePersistent inflation—US CPI at 3.4% year-over-year in Dec 2025—squeezes SME margins, pushing firms to chase automation and efficiency to offset rising labor and input costs.\u003c\/p\u003e\n\u003cp\u003eThryv’s SaaS and workflow automation can boost productivity and lower operating expenses, making its value proposition more compelling amid higher wages and supply costs.\u003c\/p\u003e\n\u003cp\u003eHowever, small business births fell 2.6% in 2024 and persistent inflation risks further reducing active SMBs, potentially shrinking Thryv’s total addressable market.\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\/PESTLE-Content-Economic-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\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGlobal economic growth trends\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eThryv’s revenue closely follows global GDP and US small business formation; US new business applications hit 5.2 million in 2023 (Census Bureau), supporting demand for SaaS tools. Growth in services—which accounted for ~77% of US GDP in 2024—boosts need for scheduling and CRM functionality. In downturns, SMEs often cut vendors and prefer unified platforms, which benefits Thryv’s all-in-one positioning as budget pressures rise.\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\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCurrency exchange rate volatility\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eAs an international provider, Thryv faces exchange-rate exposure as the US dollar moved about 8% stronger vs the Australian dollar in 2024, which can compress reported revenue and margins when translated into USD.\u003c\/p\u003e\n\u003cp\u003eMaterial swings—example: a 5% adverse move could reduce consolidated revenue by an estimated mid-single-digit percentage given 2024 FX-adjusted international revenue mix—hurting price competitiveness abroad.\u003c\/p\u003e\n\u003cp\u003eActive hedging and natural offsets are required; Thryv’s 2024 disclosures note use of forwards and options to manage FX risk and smooth quarterly volatility.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e2024 USD\/AUD ≈ 0.66–0.72 range; ~8% full-year swing\u003c\/li\u003e\n\u003cli\u003eEstimated mid-single-digit revenue sensitivity to 5% FX moves\u003c\/li\u003e\n\u003cli\u003eHedging via forwards\/options used in 2024 to stabilize translation effects\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\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLabor market shortages\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eA tight U.S. labor market—unemployment near 3.7% in 2024 and small-business job openings remaining elevated—pushes SMEs to adopt automation to offset staffing gaps; Thryv’s platform automates marketing, booking, and payments, reducing headcount needs and labor costs.\u003c\/p\u003e\n\u003cp\u003eWith Thryv positioned as an operational utility, churn-resistant subscription revenue benefits from increased adoption as understaffed businesses prioritize workflow continuity over discretionary spend.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eLabor shortage: U-3 ~3.7% (2024)\u003c\/li\u003e\n\u003cli\u003eThryv reduces staffing needs via marketing, booking, payments\u003c\/li\u003e\n\u003cli\u003eDrives utility-like subscription demand and lower churn\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\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHigher rates squeeze SMBs but boost Thryv automation amid FX, hiring and TAM shifts\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eHigher 2024–25 US rates (~5.0–5.25%) and CPI ~3.4% (Dec 2025) squeeze SME budgets, raising churn risk but boosting demand for Thryv’s automation; new business applications 5.2M (2023) support TAM while SMB births down 2.6% (2024) shrink it; USD strengthened ~8% vs AUD (2024) with mid-single-digit revenue FX sensitivity; unemployment ~3.7% (2024) fuels automation adoption.\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\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eFed funds\u003c\/td\u003e\n\u003ctd\u003e~5.0–5.25%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCPI (Dec 2025)\u003c\/td\u003e\n\u003ctd\u003e3.4%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNew business apps (2023)\u003c\/td\u003e\n\u003ctd\u003e5.2M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSMB births (2024)\u003c\/td\u003e\n\u003ctd\u003e-2.6%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eUSD\/AUD swing (2024)\u003c\/td\u003e\n\u003ctd\u003e~8%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eU-3 (2024)\u003c\/td\u003e\n\u003ctd\u003e~3.7%\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;\"\u003ePreview the Actual Deliverable\u003c\/span\u003e\u003cbr\u003eThryv PESTLE Analysis\u003c\/h2\u003e\n\u003cp\u003eThe preview shown here is the exact Thryv PESTLE document you’ll receive after purchase—fully formatted, professionally structured, and ready to use.\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":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56751221571961,"sku":"thryv-pestle-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/thryv-pestle-analysis.png?v=1772228995","url":"https:\/\/matrixbcg.com\/products\/thryv-pestle-analysis","provider":"MatrixBCG","version":"1.0","type":"link"}