how can i be able to get and read a url in raspberry pi using python

I want to get a url and read the data present on the url(i.e)If i have a url as below:

http://ift.tt/1RyXVqf

I want to get this url and then read the contents in the url.In the above url,I want to read the status 'ON'leaving behind the whole url.How can this be done.help me solve this issue. thank you