diff --git a/zerver/management/commands/update_subscriber_counts.py b/zerver/management/commands/update_subscriber_counts.py
new file mode 100644
index 0000000000..e3a036ae5e
--- /dev/null
+++ b/zerver/management/commands/update_subscriber_counts.py
@@ -0,0 +1,118 @@
+import argparse
+import logging
+from datetime import timedelta
+from typing import Any
+
+from django.conf import settings
+from django.db import transaction
+from django.db.models import QuerySet
+from django.utils.timezone import now as timezone_now
+from typing_extensions import override
+
+from zerver.lib.logging_util import log_to_file
+from zerver.lib.management import ZulipBaseCommand
+from zerver.models import RealmAuditLog, Stream, Subscription
+from zerver.models.realm_audit_logs import AuditLogEventType
+
+## Logging setup ##
+logger = logging.getLogger(__name__)
+log_to_file(logger, settings.DIGEST_LOG_PATH)
+
+
+class Command(ZulipBaseCommand):
+    help = """Update the `Stream.subscriber_count` field based on current subscribers.
+
+There may be race conditions with keeping the cached subscriber count
+accurate; this command is run as a daily cron job to ensure the number is accurate.
+"""
+
+    @override
+    def add_arguments(self, parser: argparse.ArgumentParser) -> None:
+        parser.add_argument(
+            "--since",
+            type=int,
+            help="Only examine channels with changed subscribers in this many hours",
+        )
+        self.add_realm_args(parser, help="The optional name of the realm to limit to")
+
+    @override
+    def handle(self, *args: Any, **options: Any) -> None:
+        realm = self.get_realm(options)
+        streams = Stream.objects.all()
+        if realm := self.get_realm(options):
+            stream_ids: QuerySet[Any, int] = streams.filter(realm=realm).values_list(
+                "id", flat=True
+            )
+        if options["since"]:
+            since_time = timezone_now() - timedelta(hours=options["since"])
+            # Two ways the count can change -- via a subscription
+            # being changed, or via a user being (de)activated.
+            changed_subs = RealmAuditLog.objects.filter(
+                event_type__in=(
+                    AuditLogEventType.SUBSCRIPTION_CREATED,
+                    AuditLogEventType.SUBSCRIPTION_ACTIVATED,
+                    AuditLogEventType.SUBSCRIPTION_DEACTIVATED,
+                ),
+                event_time__gte=since_time,
+            )
+            if realm:
+                changed_subs = changed_subs.filter(realm=realm)
+
+            # Find all users changed in the time period, join those to
+            # their subscriptions and distinct recipients, and thence
+            # to streams.
+            changed_users = RealmAuditLog.objects.filter(
+                event_type__in=(
+                    AuditLogEventType.USER_CREATED,
+                    AuditLogEventType.USER_DEACTIVATED,
+                    AuditLogEventType.USER_ACTIVATED,
+                    AuditLogEventType.USER_REACTIVATED,
+                ),
+                event_time__gte=since_time,
+            )
+            if realm:
+                changed_users = changed_users.filter(realm=realm)
+            changed_user_ids = (
+                changed_users.values_list("modified_user_id", flat=True)
+                .distinct()
+                .order_by("modified_user_id")
+            )
+
+            changed_user_subs = (
+                Subscription.objects.filter(user_profile_id__in=changed_user_ids)
+                .values_list("recipient_id", flat=True)
+                .distinct()
+                .order_by("recipient_id")
+            )
+            streams_from_users = Stream.objects.filter(recipient_id__in=changed_user_subs)
+            if realm:
+                streams_from_users = streams_from_users.filter(realm=realm)
+
+            stream_ids = (
+                changed_subs.values_list("modified_stream_id", flat=True)
+                .distinct()
+                .order_by("modified_stream_id")
+            ).union(streams_from_users.values_list("id", flat=True))
+
+        for stream_id in stream_ids.iterator():
+            with transaction.atomic(durable=True):
+                stream = Stream.objects.select_for_update().get(id=stream_id)
+                actual_subscriber_count = Subscription.objects.filter(
+                    active=True,
+                    recipient__type=2,
+                    recipient__type_id=stream_id,
+                    is_user_active=True,
+                ).count()
+                db_count = stream.subscriber_count
+                if actual_subscriber_count == db_count:
+                    continue
+                stream.subscriber_count = actual_subscriber_count
+                stream.save(update_fields=["subscriber_count"])
+
+            logging.info(
+                "Updated subscriber count of %s, #%s: from %d to %d",
+                stream.realm.string_id,
+                stream.name,
+                db_count,
+                actual_subscriber_count,
+            )