diff --git a/RELEASENOTES.md b/RELEASENOTES.md
index 379b84b4e7..e96cd9ddab 100644
--- a/RELEASENOTES.md
+++ b/RELEASENOTES.md
@@ -52,6 +52,8 @@
   ([#2891](https://github.com/google/ExoPlayer/issues/2891)).
 * Cronet extension: Support for a user-defined fallback if Cronet library is not
   present.
+* Fix buffer too small IllegalStateException issue affecting some composite
+  media playbacks ([#2900](https://github.com/google/ExoPlayer/issues/2900)).
 * Misc bugfixes.
 
 ### r2.4.4 ###
diff --git a/constants.gradle b/constants.gradle
index 0db74945c4..93284fd897 100644
--- a/constants.gradle
+++ b/constants.gradle
@@ -24,7 +24,7 @@ project.ext {
     supportLibraryVersion = '25.4.0'
     dexmakerVersion = '1.2'
     mockitoVersion = '1.9.5'
-    releaseVersion = 'r2.5.0-beta2'
+    releaseVersion = 'r2.5.0-beta3'
     modulePrefix = ':'
     if (gradle.ext.has('exoplayerModulePrefix')) {
         modulePrefix += gradle.ext.exoplayerModulePrefix
diff --git a/library/core/src/main/java/com/google/android/exoplayer2/ExoPlayerLibraryInfo.java b/library/core/src/main/java/com/google/android/exoplayer2/ExoPlayerLibraryInfo.java
index c04a777e14..153c6cda9c 100644
--- a/library/core/src/main/java/com/google/android/exoplayer2/ExoPlayerLibraryInfo.java
+++ b/library/core/src/main/java/com/google/android/exoplayer2/ExoPlayerLibraryInfo.java
@@ -31,13 +31,13 @@ public final class ExoPlayerLibraryInfo {
    * The version of the library expressed as a string, for example "1.2.3".
    */
   // Intentionally hardcoded. Do not derive from other constants (e.g. VERSION_INT) or vice versa.
-  public static final String VERSION = "2.5.0-beta2";
+  public static final String VERSION = "2.5.0-beta3";
 
   /**
    * The version of the library expressed as {@code "ExoPlayerLib/" + VERSION}.
    */
   // Intentionally hardcoded. Do not derive from other constants (e.g. VERSION) or vice versa.
-  public static final String VERSION_SLASHY = "ExoPlayerLib/2.5.0-beta2";
+  public static final String VERSION_SLASHY = "ExoPlayerLib/2.5.0-beta3";
 
   /**
    * The version of the library expressed as an integer, for example 1002003.