diff --git a/CHANGELOG b/CHANGELOG
index 1c852a862..ffbb16977 100644
--- a/CHANGELOG
+++ b/CHANGELOG
@@ -1,3 +1,21 @@
+mkdocs-material-9.5.3+insiders-4.48.0 (2023-12-23)
+
+  * Rewrite of tags plugin, now much more powerful
+  * Added support for nested tags (tag hierarchies, e.g. foo/bar)
+  * Added support for shadow tags (by list, prefix or suffix)
+  * Added support for custom tag layouts and templates
+  * Added support for configurable inline tag listings
+  * Added support for hiding tags in table of contents
+  * Added support for automatically linking to closest tag listing
+  * Added support for multiple instances of tags plugin
+  * Added support for changing front matter property and template variable
+  * Added support for tag slugification format strings
+  * Fixed #6510: Projects plugin out of memory on Linux (4.47.1 regression)
+  * Fixed projects plugin not notifying plugins about serve mode
+  * Fixed projects plugin skipping projects on prefix match
+  * Deprecated tags_file and tags_extra_files settings
+  * Modernized tags plugin code base
+
 mkdocs-material-9.5.3 (2023-12-23)
 
   * Limited version range of MkDocs to < 1.6
diff --git a/docs/insiders/changelog/index.md b/docs/insiders/changelog/index.md
index 132617536..1cbe72086 100644
--- a/docs/insiders/changelog/index.md
+++ b/docs/insiders/changelog/index.md
@@ -2,6 +2,24 @@
 
 ## Material for MkDocs Insiders
 
+### 4.48.0 <small>December 23, 2023</small> { id="4.48.0" }
+
+- Rewrite of tags plugin, now much more powerful
+- Added support for nested tags (tag hierarchies, e.g. foo/bar)
+- Added support for shadow tags (by list, prefix or suffix)
+- Added support for custom tag layouts and templates
+- Added support for configurable inline tag listings
+- Added support for hiding tags in table of contents
+- Added support for automatically linking to closest tag listing
+- Added support for multiple instances of tags plugin
+- Added support for changing front matter property and template variable
+- Added support for tag slugification format strings
+- Fixed #6510: Projects plugin out of memory on Linux (4.47.1 regression)
+- Fixed projects plugin not notifying plugins about serve mode
+- Fixed projects plugin skipping projects on prefix match
+- Deprecated tags_file and tags_extra_files settings
+- Modernized tags plugin code base
+
 ### 4.47.1 <small>December 11, 2023</small> { id="4.47.1" }
 
 - Improved editing experience for projects plugin
diff --git a/docs/insiders/index.md b/docs/insiders/index.md
index c23b3ab95..67ffcd3ff 100644
--- a/docs/insiders/index.md
+++ b/docs/insiders/index.md
@@ -88,14 +88,17 @@ a handful of them, [thanks to our awesome sponsors]!
 ## What's in it for me?
 
 The moment you [become a sponsor][how to become a sponsor], you'll get __immediate
-access to 20 additional features__ that you can __start using now__, and
+access to 23 additional features__ that you can __start using now__, and
 which are currently exclusively available to sponsors:
 
 <div class="mdx-columns" markdown>
 
+- [x] [Tags plugin: advanced settings] :material-alert-decagram:{ .mdx-pulse title="Added on December 23, 2023" }
+- [x] [Tags plugin: nested tags] :material-alert-decagram:{ .mdx-pulse title="Added on December 23, 2023" }
+- [x] [Tags plugin: shadow tags] :material-alert-decagram:{ .mdx-pulse title="Added on December 23, 2023" }
 - [x] [Stay on page when switching languages] :material-alert-decagram:{ .mdx-pulse title="Added on December 8, 2023" }
 - [x] [Blog plugin: author profiles] :material-alert-decagram:{ .mdx-pulse title="Added on November 26, 2023" }
-- [x] [Blog plugin: advanced settings] :material-alert-decagram:{ .mdx-pulse title="Added on November 23, 2023" }
+- [x] [Blog plugin: advanced settings]
 - [x] [Projects plugin]
 - [x] [Instant prefetching]
 - [x] [Social plugin: custom layouts]
@@ -310,7 +313,8 @@ are released for general availability.
 - [x] [Code range selection]
 - [x] [Code annotations: custom selectors]
 - [x] [Stay on page when switching languages]
-- [ ] more to come...
+- [x] [Tags plugin: nested tags]
+- [x] [Tags plugin: shadow tags]
 
   [Projects plugin]: ../plugins/projects.md
   [Social plugin: custom layouts]: ../setup/setting-up-social-cards.md#customization
@@ -318,6 +322,14 @@ are released for general availability.
   [Code range selection]: ../reference/code-blocks.md#code-selection-button
   [Code annotations: custom selectors]: ../reference/code-blocks.md#custom-selectors
   [Stay on page when switching languages]: ../setup/changing-the-language.md#stay-on-page
+  [Tags plugin: nested tags]: ../plugins/tags.md#config.tags_hierarchy
+  [Tags plugin: shadow tags]: ../plugins/tags.md#config.shadow
+
+#### $ 28,000 – Lemon Drop
+
+- [x] [Tags plugin: advanced settings]
+
+  [Tags plugin: advanced settings]: ../setup/setting-up-tags.md#advanced-settings
 
 ### Goals completed