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Substack review: pricing, features, and honest assessment (2026)

Revenue share (10% of paid subscriptions) pricing · Cloud · Web, iOS, Android · Free trial available

Substack gives writers a free platform to publish newsletters, host podcasts, post videos, and build a paid subscriber base — with no monthly fees and no subscriber caps. The catch: Substack takes 10% of your paid subscription revenue (plus Stripe processing fees). This review covers the real cost breakdown, the Notes social network, multimedia features, honest limitations like missing analytics and zero design control, and where Beehiiv, Ghost, or Kit might be a better fit for your newsletter.

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Written by RajatFact-checked by Chandrasmita

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Pricing

Revenue share (10% of paid subscriptions) · Free forever — no trial needed. All features included.

Deployment

Cloud

Supported OS

Web, iOS, Android

What is Substack?

Substack is a newsletter platform that lets writers publish, grow an audience, and earn money through paid subscriptions — all without paying anything upfront. You write, readers subscribe, and Substack takes a 10% cut only when you charge. It also includes a social feed (Notes), podcast hosting, video publishing, and a built-in recommendation network.

Substack pricing breakdown — what the 10% revenue share actually costs you

Substack's pricing is unlike any other newsletter platform. There are no tiers, no monthly bills, and no feature limits. Every writer gets the same tools: publishing, Notes, podcast hosting, video, custom domains, and the recommendation network. You pay nothing until you flip the switch on paid subscriptions — and even then, Substack only takes a cut of what you earn.

When you enable paid subscriptions, Substack takes 10% of every dollar your subscribers pay. On top of that, Stripe (the payment processor) charges 2.9% + $0.30 per transaction, plus a 0.7% recurring billing fee. So on a $10/month subscriber, you keep about $8.64 after all fees. On a $50/year subscriber, you keep roughly $43.20. The percentage stays the same whether you have 10 paid subscribers or 10,000 — there are no volume discounts.

The hidden cost that catches writers off guard: the 10% never goes away. Beehiiv, Ghost, Kit, and Buttondown all charge flat monthly fees but take 0% of your revenue. Once your paid newsletter earns more than about $500-600/month, a flat-fee platform becomes cheaper. At $2,000/month in revenue, you would pay Substack $200/month — while Beehiiv Scale costs $49/month and Ghost Publisher costs $29/month. The math shifts dramatically as you grow.

For writers just starting out or running a free newsletter, Substack's model is genuinely the best deal available — you pay literally nothing. The question is whether you will outgrow the economics before you outgrow the features. Many successful Substack writers migrate to Beehiiv or Ghost once their paid subscriber count makes the 10% cut painful.

View Substack pricing

Free publishing: $0/mo (All features, unlimited subscribers, no limits)
Paid subscriptions enabled: 10% of revenue (Plus Stripe fees (~3.6% + $0.30 per transaction))

Verified from the official pricing page on March 24, 2026. View source

See PricingSee full pricing breakdown →

What Substack actually does (and what it doesn't)

Substack is the easiest way to start a newsletter and get paid for it. The zero-cost entry, clean writing experience, and built-in discovery network make it genuinely hard to beat for solo writers who want to focus on words rather than marketing infrastructure. But that simplicity comes with real trade-offs: you get almost no design customization, the analytics are bare-bones, there are no automations or segmentation tools, and that 10% revenue share adds up fast once you start earning. If your newsletter earns $5,000/month, Substack takes $500 — every month, forever. Writers who want growth tools, branding control, or who plan to scale past a few thousand paid subscribers should seriously evaluate Beehiiv or Ghost before committing.

Quick verdict

Best when: You are a writer who wants to publish and get paid with zero setup, zero cost, and zero...

Worth it if: If your newsletter is free or you are just starting to experiment with paid subscriptions, Substack costs you...

Think twice if: Substack takes 10% of every paid subscription dollar you earn, forever

Substack is best for

You are a writer who wants to publish and get paid with zero setup, zero cost, and zero technical decisions. Skip it if you need marketing automations, detailed analytics, design control, or if your newsletter revenue exceeds $500/month (the 10% cut starts hurting). The sweet spot is independent writers, journalists, and essayists who value the writing experience and built-in audience discovery over business tooling.

Why Substack stands out

Zero upfront cost with all features unlocked, a built-in social network (Notes) that helps new writers get discovered, native podcast and video hosting included for free, and the Substack recommendation network where writers cross-promote each other's publications. No other newsletter platform gives you a social feed, multimedia publishing, and a discovery engine at zero cost. vs. Beehiiv: Substack has better discovery tools and no monthly fee, but Beehiiv has far superior analytics, automations, and growth features. vs. Ghost: Substack is free to start while Ghost costs $29/month minimum for monetization, but Ghost gives you full design control and 0% revenue share.

Is Substack worth the price?

If your newsletter is free or you are just starting to experiment with paid subscriptions, Substack costs you nothing — use it. Once you cross $500-600/month in paid subscriber revenue, run the math: Substack's 10% cut versus a flat-fee platform like Beehiiv ($49/month) or Ghost ($29/month). Test for at least 3-6 months before migrating — moving a paid subscriber base is painful, so make sure you have the revenue to justify the switch.

Substack features

Publishing and the Writing Experience

Substack's editor is a clean, minimal writing interface that strips away the complexity of typical email marketing platforms. You write in a format that feels like a word processor — headings, bold, italic, images, embeds, and blockquotes. There are no drag-and-drop blocks, no widget libraries, and no template confusion. Posts can be set as free (visible to all subscribers) or paid (gated behind a subscription). You can also schedule posts, save drafts, and preview how your email will look in inboxes. The simplicity is both the strength and the limitation. Writers who want to focus on craft love it — there is nothing between you and the words. But if you want multi-column layouts, branded templates, embedded forms, or interactive elements, you cannot build them. The editor supports basic formatting and embedded media (images, tweets, YouTube videos, Spotify tracks) but nothing beyond standard HTML content. Writers coming from Mailchimp, Kit, or Beehiiv will notice the lack of design flexibility immediately.

Notes and the Social Discovery Network

Notes is Substack's answer to social media — a short-form feed where writers post quick thoughts, share links, ask questions, and engage with other writers' audiences. Unlike Twitter or LinkedIn, the Notes algorithm is optimized to help readers discover new publications rather than maximize time on feed. Your Notes are shown not just to your followers but to readers with similar interests, making it an active subscriber acquisition channel. Writers can also restack (share) other writers' Notes, building reciprocal discovery relationships. The recommendation network is a separate but related feature: when a new reader subscribes to your newsletter, Substack shows them a list of other publications you recommend. Writers in the same niche recommend each other, creating organic cross-promotion. Together, Notes and the recommendation network give Substack a built-in growth engine that no competitor matches. The downside is that you are building on Substack's platform — your Notes following does not transfer if you leave, and the algorithm can change without notice.

Podcast and Video Publishing

Substack includes full podcast hosting at no additional cost. Upload audio files, and Substack generates an RSS feed, distributes to Spotify, and provides an embeddable web player. Each episode can be paired with written show notes, images, and subscriber-only bonus content. The Spotify integration added in 2025 expands reach beyond Substack's own ecosystem. For solo podcasters or writers adding an audio component, this eliminates the need for dedicated hosting platforms like Buzzsprout ($12-24/month) or Transistor ($19-49/month). Video publishing was a major 2025 addition. Writers can upload video directly, record using the built-in Recording Studio (with screen sharing and co-host support), and publish from mobile. AI-generated transcripts are included automatically. Substack even launched a TV app for subscriber-exclusive video content and livestreaming. The limitations are that advanced editing is not supported (you record and upload, not edit), and video analytics are basic compared to YouTube. For writers who want to experiment with multimedia without managing separate platforms, this is a meaningful consolidation play.

Paid Subscriptions and Monetization

Substack's monetization model is straightforward: you set a monthly and/or annual subscription price, choose which posts are free vs. paid, and Substack handles the billing through Stripe. Typical pricing ranges from $5-15/month or $50-100/year. You can also create a 'founding member' tier at a higher price for supporters who want to pay more. Payments go directly to your Stripe account — Substack takes its 10% cut, Stripe takes processing fees, and the rest is yours. The model works well for writers with engaged audiences who value exclusive content. Substack reports that the top 10 publishers earn over $25 million combined annually. However, the platform offers no other monetization paths built in — no ad network, no sponsorship marketplace, no affiliate tools, and no digital product sales. Beehiiv offers a built-in ad network (Boost) and sponsorship tools. Ghost supports tiered memberships and one-time payments. In late 2025, Substack began piloting a native sponsorship ad program, but it remains opt-in and limited. If subscriptions are your only revenue model, Substack works. If you want diversified income streams, you will need to manage those outside the platform.

Pros and cons

Separate what looks good in the demo from what actually matters after a month of daily use.

Strengths

The strengths that matter most once you start using Substack daily.

Completely free to use — every feature, no paywalls

Unlike every other newsletter platform, Substack charges nothing upfront. There is no free tier with limitations and no paid upgrade to unlock features. Every writer gets publishing, Notes, podcast hosting, video uploads, custom domains, and the recommendation network. You could run a 100,000-subscriber free newsletter on Substack and never pay a cent. This makes it the lowest-risk way to start a newsletter — you can build an audience for months or years before deciding whether to monetize.

Built-in discovery through Notes and the recommendation network

Substack's Notes feed works like a writer-focused social network where you post short updates, share links, and engage with other writers' audiences. The algorithm prioritizes connecting readers with new publications they are likely to subscribe to — not maximizing time on feed. The recommendation network lets writers suggest each other's newsletters to new subscribers. Together, these features give Substack something no competitor offers: organic audience growth built into the platform. Writers regularly report gaining hundreds of subscribers from Notes alone.

You own your subscriber list and can leave anytime

Substack lets you export your full email list as a CSV at any time — no restrictions, no hoops, no fees. This includes subscriber email addresses, subscription dates, and engagement data. If you decide to migrate to Beehiiv, Ghost, or any other platform, your list goes with you. This is a genuine differentiator in a space where some platforms make data portability difficult. The peace of mind of knowing you are not locked in makes the 10% revenue share easier to accept.

Native podcast and video hosting at no extra cost

Substack includes podcast hosting with automatic RSS feed generation, Spotify distribution, and embeddable players. Video publishing lets you upload and monetize video directly — including from mobile since early 2025. The Recording Studio feature allows screen sharing and co-host recordings. Every video post gets an AI-generated transcript. For writers expanding into audio or video, this eliminates the need for separate hosting services like Buzzsprout, Anchor, or YouTube — saving $10-30/month and keeping everything under one roof.

Clean, distraction-free writing and reading experience

Substack's editor is deliberately simple. No drag-and-drop builders, no widget libraries, no template confusion. You write in a clean interface that feels like a word processor, and readers get a clean page that looks like a magazine article. For writers who care about the words more than the layout, this is a feature, not a limitation. Email deliverability is also strong — Substack has invested heavily in sender reputation, and open rates tend to run higher than self-hosted platforms for most writers.

Limitations

Check these before subscribing — these are the limitations most likely to affect your experience.

The 10% revenue share gets expensive fast

Substack takes 10% of every paid subscription dollar you earn, forever. There are no volume discounts, no loyalty reductions, and no way to negotiate a better rate. At $1,000/month in revenue, that is $100/month to Substack. At $5,000/month, it is $500. At $10,000/month, it is $1,000. Meanwhile, Beehiiv charges a flat $49-99/month regardless of revenue, and Ghost charges $29/month with zero platform fees. The breakeven point where a flat-fee platform becomes cheaper is roughly $500-600/month in revenue — many writers hit this within their first year of paid subscriptions.

Almost zero design customization

You can change your logo, colors, and header image. That is about it. There are no themes, no custom CSS, no template builder, and no way to create a distinctive visual identity. Every Substack publication looks fundamentally the same. For writers building a brand, this is a real limitation — your publication looks like a Substack, not like your own site. Ghost offers full theme customization, and even Beehiiv now has a website builder with significantly more design control.

No marketing automations, segmentation, or A/B testing

Substack has no welcome sequences, no automated email flows, no subscriber segmentation, and no A/B testing for subject lines or content. You publish a post and it goes to everyone. If you want to send different content to free vs. paid subscribers, you can gate posts — but you cannot create targeted nurture sequences or segment by engagement level. Beehiiv, Kit, and MailerLite all offer these features on their paid plans. For writers who want to grow strategically rather than just publish, this is the biggest functional gap.

Basic analytics that leave you guessing

Substack shows you subscriber count, open rates, and a simple growth chart. That is essentially all you get. There is no click tracking, no subscriber engagement scoring, no cohort analysis, and no detailed revenue analytics. You cannot see which posts drive the most paid conversions or which subscribers are most engaged. Beehiiv's analytics dashboard is significantly more detailed, and even Kit offers better subscriber-level insights. If you make decisions based on data, Substack will frustrate you.

Content moderation controversies and platform risk

Substack has faced repeated criticism over its content moderation policies, with the founders taking a strong stance against removing controversial content. This has led to advertiser concerns and public departures by some high-profile writers. While this does not affect your newsletter's functionality, it does affect Substack's brand perception. Some readers and subscribers may have negative associations with the platform. If your audience cares about the politics of the tools you use, this is worth considering.

See PricingWeighed the pros and cons? Try it free.

Getting started with Substack — setup and first steps

Getting started on Substack takes about 5 minutes: create an account, name your publication, write your first post, and publish. There is no setup wizard, no configuration screens, and no technical decisions to make. If you can write an email, you can use Substack. Adding a custom domain costs a one-time $50 fee and takes about 30 minutes to configure with your DNS provider — Substack provides the CNAME records you need.

The learning curve is almost nonexistent for basic publishing. Where it gets slightly more complex is understanding Notes strategy (what to post, how often, how the algorithm works), setting up podcast hosting (RSS feed configuration, Spotify submission), and optimizing your paid subscription offering (pricing tiers, free vs. paid post ratio). Budget about a week of exploration to understand these features beyond the basics.

Substack has no team collaboration features to speak of. There is no multi-author workflow, no editorial calendar, no approval process, and no role-based permissions. You can add contributors to a publication, but the collaboration tools are minimal. For solo writers, this does not matter. For publications with multiple contributors or editorial teams, it is a serious limitation — Ghost and Beehiiv both handle teams better.

Practical tip for new Substack writers: start free, publish consistently for 8-12 weeks, use Notes daily to build connections, and activate the recommendation network by recommending other publications in your niche. Only turn on paid subscriptions once you have at least 500-1,000 free subscribers — the conversion math works much better with a larger free base. When you do go paid, the typical writer charges $5-10/month or $50-100/year.

Before you subscribe

Getting started with Substack — setup and first steps

Before you commit to building your newsletter on Substack, work through these questions. The platform is free to start, but switching later is a real pain — especially with paid subscribers.

1

Publish at least 5-10 posts on the free plan before turning on paid subscriptions. Use this time to test the editor, understand Notes, and see if the writing experience clicks for you. The platform is free — there is no reason to rush.

2

Run the revenue math with your actual numbers. If you plan to charge $7/month and hope for 200 paid subscribers, that is $1,400/month in revenue — Substack takes $140/month. A Beehiiv Scale plan costs $49/month flat. At what subscriber count does the 10% cut exceed what you would pay elsewhere?

3

Decide how much design and branding matter to you. Open five Substack publications in your niche and notice how similar they look. If a unique visual identity is important to your brand, Substack will not deliver — and migrating later means rebuilding your entire publication's look.

4

Evaluate whether you need automations. If you want welcome sequences, re-engagement campaigns, or segmented sends, Substack simply does not offer them. Moving to a platform with automations later means losing whatever systems you have built on Substack.

5

Test the alternatives side by side. Start a free publication on Beehiiv (free for 2,500 subscribers) and Ghost (14-day trial) alongside Substack. Compare the writing experience, analytics, and growth tools. Making this decision with firsthand experience is worth the extra hour of setup.

Ready to keep comparing Substack?

See Pricing

Use pricing, tradeoffs, and alternatives before you make the final click.

Frequently asked questions about Substack

How much does Substack cost?

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Substack is completely free to use. There are no monthly fees, no subscriber limits, and no feature restrictions. You only pay when you enable paid subscriptions — Substack takes a 10% cut of your paid subscription revenue. Stripe adds payment processing fees of approximately 2.9% + $0.30 per transaction plus a 0.7% recurring billing fee. Your actual take-home on paid subscriptions is roughly 86-87 cents per dollar earned.

Does Substack have a free plan?

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Substack does not have a 'free plan' in the traditional sense — the entire platform is free. Every writer gets the same features: publishing, Notes, podcast hosting, video, custom domains, and the recommendation network. There is no paid upgrade tier. The only cost is the 10% revenue share if you choose to charge your subscribers. You can run a newsletter with unlimited free subscribers forever at zero cost.

Who is Substack best for?

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Substack works best for independent writers, journalists, essayists, and creators who want to start a newsletter with zero upfront investment and minimal technical friction. It is ideal if you value the writing experience, want built-in discovery tools (Notes and the recommendation network), and plan to monetize through direct reader subscriptions. It is a weaker fit for creators who need marketing automations, detailed analytics, or heavy design customization.

Substack vs Beehiiv — which is better?

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Substack is better for writers who want zero upfront cost, a built-in social network (Notes), and the simplest possible publishing experience. Beehiiv is better for newsletter operators who want growth tools — referral programs, an ad network, A/B testing, segmentation, and detailed analytics. The pricing question depends on your revenue: Substack is free until you monetize (then takes 10%), while Beehiiv is free up to 2,500 subscribers but charges $49+/month for monetization features. If your newsletter earns more than about $500/month, Beehiiv is cheaper.

Can I use my own custom domain on Substack?

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Yes. Substack supports custom domains for a one-time $50 setup fee. You point your domain's DNS records to Substack using CNAME records they provide. Setup takes about 30 minutes, and full DNS propagation can take up to 36 hours. Your publication will be accessible at your custom domain instead of yourname.substack.com. This is a straightforward process but the $50 fee is unusual — most competitors include custom domains for free on paid plans.

Does Substack support podcasts and video?

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Yes. Substack includes native podcast hosting with automatic RSS feed generation, Spotify distribution, and an embeddable player. Video publishing allows direct uploads with AI-generated transcripts, mobile recording, and screen sharing through the Recording Studio feature. Both are free for all writers — no separate hosting fees required. The quality is solid for most creators, though dedicated podcast hosts like Buzzsprout or Transistor offer more advanced distribution and analytics.

What is Substack Notes?

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Substack Notes is a social feed built into the Substack platform — think Twitter but exclusively for Substack writers and readers. You can post short-form updates, share links, images, and polls. The algorithm promotes content to readers beyond your existing subscribers, making it a genuine discovery tool. Notes is free for all writers and has become one of Substack's strongest audience growth features. Writers report gaining hundreds of new subscribers through consistent Notes activity.

Can I export my subscriber list from Substack?

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Yes, and this is one of Substack's genuine strengths. You can export your full email list as a CSV file at any time from the Subscribers page. The export includes email addresses, subscription dates, and engagement data. There are no restrictions or fees on exports. If you decide to move to Beehiiv, Ghost, Kit, or any other platform, your subscriber list goes with you. Text and image content can also be exported, though audio and video files are not included in exports.

Is Substack worth it for a paid newsletter?

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It depends on your revenue level. For writers just starting a paid newsletter (under $500/month in revenue), Substack is an excellent deal — you pay nothing until people subscribe, and the 10% cut is a small price for a fully managed platform. Once your revenue grows past $500-600/month, the 10% becomes more expensive than flat-fee alternatives like Beehiiv ($49/month) or Ghost ($29/month). The decision is not just about price, though — factor in Substack's discovery network and whether you need the growth tools that flat-fee platforms offer.

Can I cancel Substack or switch platforms easily?

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You can leave Substack at any time — there is no contract, no cancellation fee, and no lock-in period. Export your subscriber list and written content, then import into your new platform. The complication is paid subscribers: Substack manages the billing relationship with your paying readers through Stripe. Migrating paid subscribers requires setting up Stripe on your new platform and communicating the change to your audience. Some subscribers will drop off during the transition. Plan the migration carefully and communicate early.

Substack alternatives worth comparing

If Substack is not the right fit, these newsletter platforms take different approaches to pricing, design, and growth. Each one trades off something Substack offers in exchange for capabilities Substack lacks.

ToolBest whenMain tradeoffPricingFree trial
Substack(this tool)You are a writer who wants to publish and get paid with zero setup,...Substack takes 10% of every paid subscription dollar you earn, foreverFreemiumYes
Kit (ConvertKit)You'll get the most from Kit if you're a creator building an email-driven business...Kit's per-subscriber pricing means your bill increases automatically as your audience grows, whether your...Per-subscriber tieredYes
BeehiivYou're building a newsletter as a business -- you plan to grow your subscriber...If you're coming from Kit (ConvertKit), ActiveCampaign, or even MailerLite, Beehiiv's automation capabilities will...Subscriber-tieredYes
GhostYou're building a publication — not just a newsletter, but a website with archives,...Ghost sends newsletters and handles member welcome emails, but it lacks the automation depth...Flat monthly fee (Ghost Pro) or free self-hostedYes
ButtondownYou are a writer, developer, or independent creator who wants a distraction-free newsletter tool...Buttondown does not have a recommendation network, referral program, ad network, or content discovery...Flat monthly fee (scales by subscriber count)Yes

Kit (ConvertKit)

Kit (formerly ConvertKit) is an email marketing platform designed for creators who need automations, tagging, segmentation, and landing pages alongside their newsletter. The free plan supports up to 10,000 subscribers but limits automations. Paid plans start at $39/month for up to 1,000 subscribers. Kit takes 0% of subscription revenue. Choose Kit over Substack if email automations, welcome sequences, and subscriber tagging are central to how you run your newsletter business.

Compare Kit (ConvertKit)

Beehiiv

Beehiiv is a newsletter-growth platform built for creators who want referral programs, an ad network, A/B testing, segmentation, and detailed analytics — everything Substack deliberately leaves out. The free plan supports 2,500 subscribers with unlimited sends. Paid plans start at $49/month (Scale) for monetization features. Beehiiv takes 0% of your revenue on all plans. Choose Beehiiv over Substack if you want data-driven growth tools and your newsletter revenue exceeds $500/month.

Compare Beehiiv

Ghost

Ghost is an open-source publishing platform that gives you full design control, custom themes, membership tiers, and zero platform fees on revenue. Ghost(Pro) hosting starts at $29/month for the Publisher plan (required for monetization). You can also self-host for free if you handle your own server and email delivery. Choose Ghost over Substack if you want a fully branded publication with complete design ownership and no revenue share — especially if you earn more than $300/month in subscriptions.

Compare Ghost

Buttondown

Buttondown is a minimalist newsletter platform built for writers who want simplicity with more flexibility than Substack. It is free for up to 1,000 subscribers, with paid plans starting at $9/month that unlock analytics, automations, and paid subscriptions. Buttondown takes 0% of your revenue. Choose Buttondown over Substack if you want a simple, developer-friendly tool with no revenue share and do not need Substack's social discovery features.

Compare Buttondown

MailerLite

MailerLite is a full email marketing platform with a generous free tier (1,000 subscribers, 12,000 emails/month), drag-and-drop editors, automations, landing pages, and A/B testing. Paid plans start at $10/month for 500 subscribers. It handles newsletter publishing alongside broader email marketing workflows. Choose MailerLite over Substack if you need email automations, custom templates, and marketing features at a lower price point — but you will not get any built-in audience discovery.

Compare MailerLite
See all Substack alternatives

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Substack alternatives

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