{"id":8885,"date":"2021-11-12T09:08:46","date_gmt":"2021-11-12T07:08:46","guid":{"rendered":"https:\/\/sifterfund.com\/?p=8885"},"modified":"2021-11-19T16:38:28","modified_gmt":"2021-11-19T14:38:28","slug":"sony-corporation-sifter-funds-newest-investment","status":"publish","type":"post","link":"https:\/\/sifterfund.com\/en\/sony-corporation-sifter-funds-newest-investment\/","title":{"rendered":"Sony Corporation \u2013 Sifter Fund&#8217;s newest investment"},"content":{"rendered":"\n<p class=\"lead-p\">Many of you might remember Sony as a struggling giant which brought us products like the Walkman music player and Cybershot digital cameras. While Sony does still sell consumer electronics, Sony\u2019s businesses have evolved immensely, and the Sony of today is a completely different beast than just 10 years ago.<\/p>\n\n\n\n<p>The Sifter Fund invested in <strong>Sony Corporation (JPY 6758) <\/strong>in August 2021. In the video, <strong>Karl-Johan Lidsle<\/strong>, an analyst at Sifter, introduces the growth drivers and competitive advantages of Sony\u2019s business.<\/p>\n\n\n\n<p>How does Sony fit the sifter strategy of <a href=\"https:\/\/sifterfund.com\/en\/quality-investing\/\">investing in high quality companies<\/a>?<\/p>\n\n\n\n<p><\/p>\n\n\n<style>.elementor-8924 .elementor-element.elementor-element-0b5f2f8 .elementor-wrapper{--video-aspect-ratio:1.77777;}<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"8924\" class=\"elementor elementor-8924 elementor-8921\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c3fe634 elementor-section-full_width ang-section-padding-initial elementor-section-height-default elementor-section-height-default elementor-repeater-item-none elementor-repeater-item-none_hover\" data-id=\"c3fe634\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-33406c2 elementor-repeater-item-none elementor-repeater-item-none_hover\" data-id=\"33406c2\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0b5f2f8 elementor-repeater-item-none elementor-repeater-item-none_hover elementor-widget elementor-widget-video\" data-id=\"0b5f2f8\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;youtube_url&quot;:&quot;https:\\\/\\\/youtu.be\\\/f0sJXmQATcs&quot;,&quot;lazy_load&quot;:&quot;yes&quot;,&quot;video_type&quot;:&quot;youtube&quot;,&quot;controls&quot;:&quot;yes&quot;}\" data-widget_type=\"video.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-wrapper elementor-open-inline\">\n\t\t\t<div class=\"elementor-video\"><\/div>\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What does Sony Corporation do?<\/h2>\n\n\n\n<p>The Sony of today is one of Japan\u2019s Big Tech companies, and to give you an idea of the size, it has roughly half the annual revenue of Microsoft at $85 billion USD (or 9 trillion Japanese yen).<\/p>\n\n\n\n<p><strong>Sony Group is comprised of the 6 business units.<\/strong> In this article we focus on three units, which are in our view the most important businesses \u2013 as they are the strongest and growing the fastest. Our analysis naturally covered the whole company.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/sony-corporation-6-business-units.png\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/sony-corporation-6-business-units-1024x576.png\" alt=\"Sony Corporation 6 business units\" class=\"wp-image-8972\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/sony-corporation-6-business-units-1024x576.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/sony-corporation-6-business-units-500x281.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/sony-corporation-6-business-units-768x432.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/sony-corporation-6-business-units.png 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption>Sony Corporation and the 6 business units.<\/figcaption><\/figure>\n\n\n\n<p><strong>The three business lines of interest are: the Console gaming business unit, the Music business unit, and the Semiconductor Business. <\/strong><\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>These three business units account for 2\/3 of Sony\u2019s profits today \u2013 and we think that their importance for Sony will continue to grow in the years to come.<\/p><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\">Console gaming business &#8211; a razor and blades business model<\/h2>\n\n\n\n<p>The main product of the console gaming business is, of course, the PlayStation game console and its ecosystem. The crown jewel is the latest PlayStation 5, which was launched in November 2020.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/sony-playstation-5-1024x576.jpg\" alt=\"Sony PlayStation 5\" class=\"wp-image-8898\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/sony-playstation-5-1024x576.jpg 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/sony-playstation-5-500x281.jpg 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/sony-playstation-5-768x432.jpg 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/sony-playstation-5.jpg 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption>Sony PlayStation 5 was launched in november 2020.<\/figcaption><\/figure>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Generally speaking, there is but one path to succeed in the console gaming business today: get a console in as many hands as possible.<\/p><\/blockquote>\n\n\n\n<p>This is because virtually all of the profits for console manufacturers are through <strong>cuts on digital sales and subscription services.<\/strong><\/p>\n\n\n\n<p>Sony wants to put the console in as many hands as possible, so that the game developers of the best-selling games &amp; content will be made for the PlayStation, and <strong>Sony will take a 30% cut of those revenues<\/strong>. It is a razor and blades business model.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Top 10 best-selling game consoles of all time<\/h3>\n\n\n\n<p>The table shows the Top 10 best-selling consoles of all time. As can be seen, Sony\u2019s PlayStations have all sold well. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/sony-corporation-top-10-consoles.png\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/sony-corporation-top-10-consoles-1024x576.png\" alt=\"Top 10 Consoles Sold\" class=\"wp-image-8974\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/sony-corporation-top-10-consoles-1024x576.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/sony-corporation-top-10-consoles-500x281.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/sony-corporation-top-10-consoles-768x432.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/sony-corporation-top-10-consoles.png 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption>PlayStation is the #1 sold console in the world.<\/figcaption><\/figure>\n\n\n\n<p>Perhaps highlight worthy is the PlayStation 3 \u2013 the worst selling PlayStation Console. A lot of things went wrong with the PlayStation 3 \u2013 but it still the 7th best-selling console of all time. <\/p>\n\n\n\n<p>PlayStation 3 was released prior to the financial crisis, while at the same time being the most expensive inflation adjusted console ever and was notoriously difficult to develop games for.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The PlayStation 5 game console has huge expectations<\/h3>\n\n\n\n<p>We think the latest console, the PlayStation 5, is very well positioned to become a success. It is well priced and game development studies have praised it for being the easiest console to make games for \u2013 which of course makes it more attractive for players.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>We further think that the PlayStation brand loyalty is strong, and we therefore believe the PlayStation 5 will be under the Christmas tree for many years to come.<\/p><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\">Sony Music, Universal and Warner are dominant record labels and publishers<\/h2>\n\n\n\n<p>Sony Music is the second largest of the big three music companies along with Warner and Universal that control roughly 70% of the record label and music publishing industries.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/music-business-big-three-sony-warner-universal.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/music-business-big-three-sony-warner-universal-1024x576.png\" alt=\"Music business big three: Universal, Sony Music and Warner.\" class=\"wp-image-8976\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/music-business-big-three-sony-warner-universal-1024x576.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/music-business-big-three-sony-warner-universal-500x281.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/music-business-big-three-sony-warner-universal-768x432.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/music-business-big-three-sony-warner-universal.png 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption>Universal, Sony Music and Warner control roughly 70% of the record label and music publishing industries.<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">How Sony Music makes money<\/h3>\n\n\n\n<p>It\u2019s not an exaggeration to say that Spotify revolutionised how we consume music \u2013 and the major music companies (like Sony) are large beneficiaries of that shift.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/sony-music-earnings-model-from-streaming-platforms.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/sony-music-earnings-model-from-streaming-platforms-1024x576.png\" alt=\"Sony Music earnings model from streaming platforms\" class=\"wp-image-8978\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/sony-music-earnings-model-from-streaming-platforms-1024x576.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/sony-music-earnings-model-from-streaming-platforms-500x281.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/sony-music-earnings-model-from-streaming-platforms-768x432.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/sony-music-earnings-model-from-streaming-platforms.png 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption>Sony Music earning model from streaming platforms.<\/figcaption><\/figure>\n\n\n\n<p>As can be seen in the picture, for every \u20ac10 that we consumers pay Spotify or other streaming platforms, the label and publishing company \u2013 that is, Sony Music &#8211; capture roughly 2\/3 of that revenue.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The big record companies are the gatekeepers of the artists<\/h3>\n\n\n\n<p>The fact that so much of the value from the rise in streaming is captured by the music companies makes their position very enviable. And naturally, there are many players who want a piece of this delicious pie.<\/p>\n\n\n\n<p>There are independent label companies who might have expertise in some niche music scene, and today there are more affordable and better tools to upload music yourself than ever.<\/p>\n\n\n\n<p>We believe however that the big three will continue to dominate this growing music market.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>The reason is simply that the large music companies are the gate keepers of stardom.<\/p><\/blockquote>\n\n\n\n<p>In short, the major record labels have the leverage and contacts to get an unknown artist on the playlist that people will listen to, and the resources to promote and create opportunities for the up-and-coming artists.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The growth of music streaming is bringing money to Sony<\/h3>\n\n\n\n<p>The music streaming industry has grown rapidly during the last 10 years.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/streaming-revenue-grwoth-spotify-sony-music-1.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/streaming-revenue-grwoth-spotify-sony-music-1-1024x576.png\" alt=\"Music streaming revenue growth: Spotify vs Sony Music\" class=\"wp-image-9031\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/streaming-revenue-grwoth-spotify-sony-music-1-1024x576.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/streaming-revenue-grwoth-spotify-sony-music-1-500x281.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/streaming-revenue-grwoth-spotify-sony-music-1-768x432.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/streaming-revenue-grwoth-spotify-sony-music-1.png 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption>Sony\u2019s music streaming revenue and Spotify\u2019s revenue development since 2016 has grown hand in hand and at a fast pace.<\/figcaption><\/figure>\n\n\n\n<p>There are roughly 400 million paying subscribers of all music streaming services today, and the consensus is that this will increase to over a billion by the end of the decade.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Sony Image Sensing &amp; Solutions is the market leader in image sensors<\/h2>\n\n\n\n<p>If you\u2019ve ever appreciated the rapid pace of development in your smartphone\u2019s camera \u2013 the credit is not Apples or other phone manufacturers to take.<\/p>\n\n\n\n<p>Sony designs and manufactures the image sensors which are the digital eyes of your smartphone\u2019s camera.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/iphone-sony-exmor-rs-sensor.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/iphone-sony-exmor-rs-sensor-1024x576.jpg\" alt=\"iPhone\" class=\"wp-image-8901\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/iphone-sony-exmor-rs-sensor-1024x576.jpg 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/iphone-sony-exmor-rs-sensor-500x281.jpg 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/iphone-sony-exmor-rs-sensor-768x432.jpg 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/iphone-sony-exmor-rs-sensor.jpg 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption>Apple has used Sony&#8217;s Exmor RS line of image sensors in its phones since at least the iPhone 4.<\/figcaption><\/figure>\n\n\n\n<p>Sony&#8217;s innovations in image sensors has leap frogged us from taking grainy pictures on our old phones, to high quality pictures and videos even in low light environments.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The growth outlook is based on an increasing number of sensors and new applications<\/h3>\n\n\n\n<p>Indeed, as we can see in the graph \u2013 Sony is the clear market leader in image sensors with roughly 50% market share.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/sony-corporation-image-sensor-industry-market-share-estimates.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/sony-corporation-image-sensor-industry-market-share-estimates-1024x576.png\" alt=\"\" class=\"wp-image-8982\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/sony-corporation-image-sensor-industry-market-share-estimates-1024x576.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/sony-corporation-image-sensor-industry-market-share-estimates-500x281.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/sony-corporation-image-sensor-industry-market-share-estimates-768x432.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/sony-corporation-image-sensor-industry-market-share-estimates.png 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption>Sony is a clear market leader in image sensors with roughly 50% market share.<\/figcaption><\/figure>\n\n\n\n<p>We think there is further room to grow in the Image Sensor industry even though the number of smartphones produced has already seemingly hit a limit of roughly 1.5 billion units produced annually.<\/p>\n\n\n\n<p>For one, <strong>the average number of image sensors in a smart phone is expected to increase<\/strong> \u2013 which is visible by the fact that your smartphone is getting more cameras on both the backside and front side \u2013 and increasingly affordable phones are incorporating more image sensors.<\/p>\n\n\n\n<p>Growth in the image sensor industry is also aided in the long-term by sensing requirements in other areas such as: <strong>advanced driving assistance systems (ADAS), and ultimately autonomous driving, factory automation and surveillance<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Why is Sony in line with the Sifter Fund&#8217;s investment strategy?<\/h2>\n\n\n\n<p>Sony does not meet all the <a href=\"https:\/\/sifterfund.com\/en\/quality-investing\/\">hallmarks of a quality company<\/a>, but we think there are enough of them. Generally, Sony\u2019s business units have a strong leadership position in growing markets.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Sony&#8217;s leadership positions are then protected by high entry barriers and competitive advantages.<\/p><\/blockquote>\n\n\n\n<p>For instance, to succeed in:<\/p>\n\n\n\n<p><strong>The console gaming<\/strong> \u2013 you need massive scale to attract game developers \u2013 who in turn attract a large player base, which is a self-reinforcing cycle.<\/p>\n\n\n\n<p><strong>Music business<\/strong> \u2013 Sony\u2019s superior ability to realize the full potential of its artists ensures that Spotify\u2019s top global list will be full of artists signed to Sony\u2019s labels.<\/p>\n\n\n\n<p><strong>Image Sensing &amp; Solutions<\/strong> \u2013 The technological edge and expertise in manufacturing, coupled with the fact that fabrication plants costs billions of dollars a piece, makes dethroning Sony\u2019s top spot a daunting task.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Sony Corporation as an investment<\/h2>\n\n\n\n<p>We therefore see that Sony will enjoy the fruits of having strong profitable businesses in growing markets, which we have quantified to mean a roughly 8% operating income CAGR over the next five years.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/sony-group-forecast.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/sony-group-forecast-1024x576.png\" alt=\"Sony Group forecast\" class=\"wp-image-8984\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/sony-group-forecast-1024x576.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/sony-group-forecast-500x281.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/sony-group-forecast-768x432.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/sony-group-forecast.png 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption>Sony Group forecast: revenue &amp; operating margin (2022\u20132026 Sifter Fund estimates).<\/figcaption><\/figure>\n\n\n\n<p>Lastly, a quick look at the share price evolution during its time in the Sifter portfolio.<\/p>\n\n\n\n<p>Sony has been in the Sifter portfolio since the end of August 2021. It has performed favourably against the wider market, and we believe the company is still attractively valued on top of being a quality company.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/sony-corporation-stock-price.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/sony-corporation-stock-price-1024x576.png\" alt=\"Sony Corporation Stock Price\" class=\"wp-image-8986\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/sony-corporation-stock-price-1024x576.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/sony-corporation-stock-price-500x281.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/sony-corporation-stock-price-768x432.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/sony-corporation-stock-price.png 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption>Sony Corporation stock price since the Sifter Fund investment (27.8.2021\u20134.11.2021).<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Karl-Johan Lidsle, an analyst at Sifter, introduces the growth drivers and competitive advantages of Sony\u2019s business.<\/p>\n","protected":false},"author":13,"featured_media":8894,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-8885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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