diff --git a/CHANGELOG.md b/CHANGELOG.md
index 5253ef7f..91bb7701 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,12 @@
 # Change Log
 
+## Version 1.5.0 (2022-04-01)
+
+- Fix for error callback is not called with InsufficientDiskSpace exception [#179] (https://github.com/linkedin/LiTr/pull/179) by @mikeshuttjuvo
+- Add new transform method that accepts output URI [#182] (https://github.com/linkedin/LiTr/pull/182)
+- Support for transcoding video to VP8/VP9 [#183] (https://github.com/linkedin/LiTr/pull/183)
+- Remove deprecated MediaTransformer methods [#184] (https://github.com/linkedin/LiTr/pull/184)
+
 ## Version 1.4.19 (2022-03-07)
 
 - Fix for missing documentation jar in release
diff --git a/README.md b/README.md
index a7cf12f1..87c5ea3b 100644
--- a/README.md
+++ b/README.md
@@ -23,7 +23,7 @@ By default, LiTr uses Android MediaCodec stack for hardware accelerated decoding
 Simply grab via Gradle:
 
 ```groovy
- implementation 'com.linkedin.android.litr:litr:1.4.19'
+ implementation 'com.linkedin.android.litr:litr:1.5.0'
 ```
 ...or Maven:
 
@@ -31,7 +31,7 @@ Simply grab via Gradle:
 <dependency>
   <groupId>com.linkedin.android.litr</groupId>
   <artifactId>litr</artifactId>
-  <version>1.4.19</version>
+  <version>1.5.0</version>
 </dependency>
 
 ```
@@ -65,7 +65,7 @@ Few notable things related to transformation:
  - if you want to modify video frames, pass in a list of `GlFilter`s in `TransformationOptions`, which will be applied in order
  - if you want to modify audio frames, pass in a list of `BufferFilter`s in `TransformationOptions`, which will be applied in order
  - client can call `transform` multiple times, to queue transformation requests
- - video will be written into MP4 container, we recommend using H.264 ("video/avc" MIME type) for target encoding
+ - video will be written into MP4 container, we recommend using H.264 ("video/avc" MIME type) for target encoding. If VP8 or VP9 MIME type is used for target video track, audio track will be encoded using Opus codec, and tracks will be written into WebM container.
  - progress update granularity is 100 by default, to match percentage, and can be set in `TransformationOptions`
  - media can be optionally trimmed by specifying a `MediaRange` in `TransformationOptions`
 
@@ -127,7 +127,7 @@ You can use custom filters to modify video frames. Write your own in OpenGL as a
 LiTr now has 40 new GPU accelerated video filters ported from [Mp4Composer-android](https://github.com/MasayukiSuda/Mp4Composer-android) and [android-gpuimage](https://github.com/cats-oss/android-gpuimage) projects. You can also create your own filter simply by configuring VideoFrameRenderFilter with your custom shader, with no extra coding!
 
 ```groovy
- implementation 'com.linkedin.android.litr:litr-filters:1.4.19'
+ implementation 'com.linkedin.android.litr:litr-filters:1.5.0'
 ```
 ...or Maven:
 
@@ -135,7 +135,7 @@ LiTr now has 40 new GPU accelerated video filters ported from [Mp4Composer-andro
 <dependency>
   <groupId>com.linkedin.android.litr</groupId>
   <artifactId>litr-filters</artifactId>
-  <version>1.4.19</version>
+  <version>1.5.0</version>
 </dependency>
 
 ```
diff --git a/gradle.properties b/gradle.properties
index 04035a85..3bc9a4ae 100644
--- a/gradle.properties
+++ b/gradle.properties
@@ -22,4 +22,4 @@ org.gradle.jvmargs=-Xmx1536m
 android.useAndroidX=true
 
 GROUP_ID=com.linkedin.android.litr
-VERSION_NAME=1.4.20-SNAPSHOT
+VERSION_NAME=1.5.0