A dening property of the World Wide Web is a content site's ability to place virtually costless hyperlinks to third-party content as a substitute or complement to its own content. Costless hyper-linking has enabled new types of players, usually referred to as content aggregators, to successfully enter content ecosystems, attracting trac and revenue by hosting links to the content of others. This, in turn, has sparked a heated controversy between content creators and aggregators regarding the legitimacy and social costs/benets of uninhibited free linking.This work is the rst to model the complex interplay between content and links in settings where a set of sites compete for trac. We develop a series of analytical models that distill how hyperlinking aects (a) the incentives of content nodes to produce quality content vs. link to third-party content, (b) the prots of the various stakeholders, (c) the average quality of content that becomes available to consumers, and (d) the impact of content aggregators. Our results provide a nuanced view of the, so called, link economy, highlighting both the benecial consequences and the drawbacks of free hyperlinks for content creators and consumers.