diff --git a/README.md b/README.md
index 56853e2..dc21742 100644
--- a/README.md
+++ b/README.md
@@ -17,7 +17,7 @@ Make sure you have installed FFMpeg (ver. 4.x - 7.x) development packages on you
 ```elixir
 def deps do
   [
-    {:xav, "~> 0.4.0"}
+    {:xav, "~> 0.5.0"}
   ]
 end
 ```
diff --git a/mix.exs b/mix.exs
index 7323b12..fe07859 100644
--- a/mix.exs
+++ b/mix.exs
@@ -1,13 +1,13 @@
 defmodule Xav.MixProject do
   use Mix.Project
 
-  @version "0.4.0"
+  @version "0.5.0"
   @source_url "https://github.com/elixir-webrtc/xav"
 
   def project do
     [
       app: :xav,
-      version: "0.4.0",
+      version: @version,
       elixir: "~> 1.14",
       start_permanent: Mix.env() == :prod,
       description: "Elixir audio/video library built on top of FFmpeg",