diff --git a/RELEASENOTES.md b/RELEASENOTES.md
index d9e76c6bf0..0acf25d3ef 100644
--- a/RELEASENOTES.md
+++ b/RELEASENOTES.md
@@ -85,6 +85,9 @@
     *   Fix bug where `VideoAdPlayer.VideoAdPlayerCallback.onError` was not
         called when a player error happened during ad playback
         ([#1334](https://github.com/androidx/media/issues/1334)).
+    *   Bump IMA SDK version to 3.33.0 to fix a `NullPointerException` when
+        using `data://` ad tag URIs
+        ([#700](https://github.com/androidx/media/issues/700)).
 *   Session:
     *   Hide seekbar in the media notification for live streams by not setting
         the duration into the platform session metadata
diff --git a/libraries/exoplayer_ima/build.gradle b/libraries/exoplayer_ima/build.gradle
index a146a15c02..16a7de38bf 100644
--- a/libraries/exoplayer_ima/build.gradle
+++ b/libraries/exoplayer_ima/build.gradle
@@ -28,7 +28,7 @@ android {
 }
 
 dependencies {
-    api 'com.google.ads.interactivemedia.v3:interactivemedia:3.31.0'
+    api 'com.google.ads.interactivemedia.v3:interactivemedia:3.33.0'
     implementation project(modulePrefix + 'lib-exoplayer')
     implementation 'androidx.annotation:annotation:' + androidxAnnotationVersion
     compileOnly 'com.google.errorprone:error_prone_annotations:' + errorProneVersion