diff --git a/.github/ISSUE_TEMPLATE/bug.yml b/.github/ISSUE_TEMPLATE/bug.yml
index f970c1ad12..38ed1ba728 100644
--- a/.github/ISSUE_TEMPLATE/bug.yml
+++ b/.github/ISSUE_TEMPLATE/bug.yml
@@ -17,6 +17,7 @@ body:
       label: Media3 Version
       description: What version of Media3 are you using?
       options:
+        - 1.0.0-beta03
         - 1.0.0-beta02
         - 1.0.0-beta01
         - 1.0.0-alpha03
diff --git a/RELEASENOTES.md b/RELEASENOTES.md
index 336aa2fab5..735aa8394c 100644
--- a/RELEASENOTES.md
+++ b/RELEASENOTES.md
@@ -1,6 +1,9 @@
 Release notes
 
-### Unreleased changes
+### 1.0.0-beta03 (2022-11-22)
+
+This release corresponds to the
+[ExoPlayer 2.18.2 release](https://github.com/google/ExoPlayer/releases/tag/r2.18.2).
 
 *   Core library:
     *   Add `ExoPlayer.isTunnelingEnabled` to check if tunneling is enabled for
@@ -16,9 +19,6 @@ Release notes
     *   Close the Tracing "doSomeWork" block when offload is enabled.
     *   Try alternative decoder for Dolby Vision if display does not support it.
         ([#9794](https://github.com/google/ExoPlayer/issues/9794)).
-    *   Add suppression reason for unsuitable audio route and play when ready
-        change reason for suppressed too long.
-        ([#15](https://github.com/androidx/media/issues/15)).
     *   Prefer other tracks to Dolby Vision if display does not support it.
         ([#8944](https://github.com/google/ExoPlayer/issues/8944)).
     *   Fix session tracking problem with fast seeks in `PlaybackStatsListener`
@@ -137,8 +137,6 @@ Release notes
     *   Add muxer watchdog timer to detect when generating an output sample is
         too slow.
 *   Remove deprecated symbols:
-    *   Remove `DefaultAudioSink` constructors, use `DefaultAudioSink.Builder`
-        instead.
     *   Remove `Transformer.Builder.setOutputMimeType(String)`. This feature has
         been removed. The MIME type will always be MP4 when the default muxer is
         used.
diff --git a/constants.gradle b/constants.gradle
index 1d11c36c50..ac9b80f1d6 100644
--- a/constants.gradle
+++ b/constants.gradle
@@ -12,8 +12,8 @@
 // See the License for the specific language governing permissions and
 // limitations under the License.
 project.ext {
-    releaseVersion = '1.0.0-beta02'
-    releaseVersionCode = 1_000_000_1_02
+    releaseVersion = '1.0.0-beta03'
+    releaseVersionCode = 1_000_000_1_03
     minSdkVersion = 16
     appTargetSdkVersion = 33
     // API version before restricting local file access.
diff --git a/libraries/common/src/main/java/androidx/media3/common/MediaLibraryInfo.java b/libraries/common/src/main/java/androidx/media3/common/MediaLibraryInfo.java
index 62be209a9b..603392d369 100644
--- a/libraries/common/src/main/java/androidx/media3/common/MediaLibraryInfo.java
+++ b/libraries/common/src/main/java/androidx/media3/common/MediaLibraryInfo.java
@@ -29,11 +29,11 @@ public final class MediaLibraryInfo {
 
   /** The version of the library expressed as a string, for example "1.2.3" or "1.2.3-beta01". */
   // Intentionally hardcoded. Do not derive from other constants (e.g. VERSION_INT) or vice versa.
-  public static final String VERSION = "1.0.0-beta02";
+  public static final String VERSION = "1.0.0-beta03";
 
   /** The version of the library expressed as {@code TAG + "/" + VERSION}. */
   // Intentionally hardcoded. Do not derive from other constants (e.g. VERSION) or vice versa.
-  public static final String VERSION_SLASHY = "AndroidXMedia3/1.0.0-beta02";
+  public static final String VERSION_SLASHY = "AndroidXMedia3/1.0.0-beta03";
 
   /**
    * The version of the library expressed as an integer, for example 1002003300.
@@ -47,7 +47,7 @@ public final class MediaLibraryInfo {
    * (123-045-006-3-00).
    */
   // Intentionally hardcoded. Do not derive from other constants (e.g. VERSION) or vice versa.
-  public static final int VERSION_INT = 1_000_000_1_02;
+  public static final int VERSION_INT = 1_000_000_1_03;
 
   /** Whether the library was compiled with {@link Assertions} checks enabled. */
   public static final boolean ASSERTIONS_ENABLED = true;