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I was first looking at the Synology D920+ but it's replacement

Here is what I am considering at the moment:

QNAP TS-464 8G US

Asustor AS6604T (Amazon has a used one at $508).
The difference between this and the newer model is minimal from what I have found so far.

I have a WD 20TB external drive that currently has all my digital media stored on it. I have about 10GB digital audio files on it in iTunes m4a format that I would like to stream, but the vast majority of my content is MKV and some MP4 video files. The total size is about 10TB at this point, but I will be adding more 4K UHD movies and 4K TV shows in the future. I would also appreciate your recommendations for what size and type of drives would be best for my NAS configuration.

I would appreciate any feedback or recommendations as to what NAS would best suit my needs. I also plan to upgrade the RAM to 8GB and add M2 NVME cache. I'm not sure what amount of cache would be best fit for Plex.
Both the QNAP TS-464 8G US and Asustor AS6604T are capable NAS devices that can meet your requirements. Let's analyze them further:

QNAP TS-464 8G US:

This model offers 4 drive bays, allowing you to expand your storage capacity over time.
With 8GB of RAM, it should handle your streaming and file management needs effectively.
QNAP's QTS operating system provides a user-friendly interface and a wide range of applications.
Asustor AS6604T:

The AS6604T is also a 4-bay NAS with similar specifications to the QNAP model.
It features 6GB of RAM, which should still be sufficient for your streaming requirements.
Asustor's ADM operating system provides a robust and intuitive user experience.
In terms of performance, both models should handle streaming your audio and video files smoothly. It's worth noting that the QNAP TS-464 8G US has a slight advantage in terms of RAM, which can be beneficial for multitasking and running multiple applications simultaneously.

When it comes to selecting drives for your NAS, it's essential to consider factors such as capacity, speed, and reliability. Given your requirement for storing large 4K UHD movies and TV shows, I would recommend considering the following:

Drive Capacity: Look for high-capacity drives, preferably 10TB or above. This will allow you to accommodate your current files and have room for future expansion. Western Digital's Red Pro or Seagate's IronWolf Pro series are popular options designed specifically for NAS environments.

Drive Type: Opt for NAS-specific drives rather than standard desktop drives. NAS drives are engineered to handle continuous operation and provide better reliability and performance. They also often come with features like vibration resistance and enhanced error recovery controls.

Considering your budget, the WD Red Plus or Seagate IronWolf drives are more cost-effective options that still offer excellent performance and reliability.

It's essential to ensure your NAS is set up with a RAID configuration to protect your data from drive failures. RAID 5 or RAID 6 configurations would be suitable for your 4-bay NAS, as they provide a balance between capacity and data redundancy.