diff --git a/CHANGELOG b/CHANGELOG
index 9d1f6069..abda3a16 100644
--- a/CHANGELOG
+++ b/CHANGELOG
@@ -1,3 +1,18 @@
+28 February 2016
+Version 0.5.0
+
+[Feature] - Support both youtube-dl backend and internal backend (old 0.3.x
+            branch. This makes youtube-dl an optional dependency, though it
+            is more stable and thus recommended. There will be no more 0.3.x
+            releases, as this eliminates the need for them.
+
+            To use the internal backend even if youtube-dl is installed, set
+            the environmental variable PAFY_BACKEND to "internal".
+[Bugfix] - Fix UnicodeDecodeError(krishnawhite) (#129)
+[Bugfix] - Fix quality property
+
+-------------------------------------------------------------------------------
+
 1 January 2016
 Version 0.4.3
 
diff --git a/pafy/__init__.py b/pafy/__init__.py
index b038dc03..f0d6a0a6 100644
--- a/pafy/__init__.py
+++ b/pafy/__init__.py
@@ -1,6 +1,6 @@
 import sys
 
-__version__ = "0.4.3"
+__version__ = "0.5.0"
 __author__ = "np1"
 __license__ = "LGPLv3"