diff --git a/RELEASENOTES.md b/RELEASENOTES.md
index e8daab543f..b8b950cbe3 100644
--- a/RELEASENOTES.md
+++ b/RELEASENOTES.md
@@ -6,6 +6,9 @@
     *   Suppress exceptions from registering/unregistering the stream volume
         receiver ([#8087](https://github.com/google/ExoPlayer/issues/8087)),
         ([#8106](https://github.com/google/ExoPlayer/issues/8106)).
+*   IMA extension:
+    *   Upgrade IMA SDK dependency to 3.21.0, and release the `AdsLoader`
+        ([#7344](https://github.com/google/ExoPlayer/issues/7344)).
 
 ### 2.12.1 (2020-10-23) ###
 
diff --git a/extensions/ima/build.gradle b/extensions/ima/build.gradle
index ed20dedb10..8cdfb0dffc 100644
--- a/extensions/ima/build.gradle
+++ b/extensions/ima/build.gradle
@@ -25,7 +25,7 @@ android {
 }
 
 dependencies {
-    api 'com.google.ads.interactivemedia.v3:interactivemedia:3.20.1'
+    api 'com.google.ads.interactivemedia.v3:interactivemedia:3.21.0'
     implementation project(modulePrefix + 'library-core')
     implementation 'androidx.annotation:annotation:' + androidxAnnotationVersion
     implementation 'com.google.android.gms:play-services-ads-identifier:17.0.0'
diff --git a/extensions/ima/src/main/java/com/google/android/exoplayer2/ext/ima/ImaAdsLoader.java b/extensions/ima/src/main/java/com/google/android/exoplayer2/ext/ima/ImaAdsLoader.java
index 4185a158f7..c72650cf5c 100644
--- a/extensions/ima/src/main/java/com/google/android/exoplayer2/ext/ima/ImaAdsLoader.java
+++ b/extensions/ima/src/main/java/com/google/android/exoplayer2/ext/ima/ImaAdsLoader.java
@@ -871,6 +871,7 @@ public final class ImaAdsLoader
       if (configuration.applicationAdErrorListener != null) {
         adsLoader.removeAdErrorListener(configuration.applicationAdErrorListener);
       }
+      adsLoader.release();
     }
     imaPausedContent = false;
     imaAdState = IMA_AD_STATE_NONE;