diff --git a/.hgignore b/.hgignore
new file mode 100644
index 0000000000..f7c3656f65
--- /dev/null
+++ b/.hgignore
@@ -0,0 +1,71 @@
+# Mercurial's .hgignore files can only be used in the root directory.
+# You can still apply these rules by adding
+# include:path/to/this/directory/.hgignore to the top-level .hgignore file.
+
+# Ensure same syntax as in .gitignore can be used
+syntax:glob
+
+# Android generated
+bin
+gen
+libs
+obj
+lint.xml
+
+# IntelliJ IDEA
+.idea
+*.iml
+*.ipr
+*.iws
+classes
+gen-external-apklibs
+
+# Eclipse
+.project
+.classpath
+.settings
+.checkstyle
+.cproject
+
+# Gradle
+.gradle
+build
+buildout
+out
+
+# Maven
+target
+release.properties
+pom.xml.*
+
+# Ant
+ant.properties
+local.properties
+proguard.cfg
+proguard-project.txt
+
+# Other
+.DS_Store
+cmake-build-debug
+dist
+tmp
+
+# VP9 extension
+extensions/vp9/src/main/jni/libvpx
+extensions/vp9/src/main/jni/libvpx_android_configs
+extensions/vp9/src/main/jni/libyuv
+
+# Opus extension
+extensions/opus/src/main/jni/libopus
+
+# FLAC extension
+extensions/flac/src/main/jni/flac
+
+# FFmpeg extension
+extensions/ffmpeg/src/main/jni/ffmpeg
+
+# Cronet extension
+extensions/cronet/jniLibs/*
+!extensions/cronet/jniLibs/README.md
+extensions/cronet/libs/*
+!extensions/cronet/libs/README.md
diff --git a/RELEASENOTES.md b/RELEASENOTES.md
index c63a20ba94..90b3d15e08 100644
--- a/RELEASENOTES.md
+++ b/RELEASENOTES.md
@@ -1,5 +1,23 @@
 # Release notes #
 
+### r2.5.4 ###
+
+* Remove unnecessary media playlist fetches during playback of live HLS streams.
+* Add the ability to inject a HLS playlist parser through `HlsMediaSource`.
+* Fix potential `IndexOutOfBoundsException` when using `ImaMediaSource`
+  ([#3334](https://github.com/google/ExoPlayer/issues/3334)).
+* Fix an issue parsing MP4 content containing non-CENC sinf boxes.
+* Fix memory leak when seeking with repeated periods.
+* Fix playback position when `ExoPlayer.prepare` is called with `resetPosition`
+  set to false.
+* Ignore MP4 edit lists that seem invalid
+  ([#3351](https://github.com/google/ExoPlayer/issues/3351)).
+* Add extractor flag for ignoring all MP4 edit lists
+  ([#3358](https://github.com/google/ExoPlayer/issues/3358)).
+* Improve extensibility by exposing public constructors for
+  `FrameworkMediaCrypto` and by making `DefaultDashChunkSource.getNextChunk`
+  non-final.
+
 ### r2.5.3 ###
 
 * IMA extension: Support skipping of skippable ads on AndroidTV and other
diff --git a/constants.gradle b/constants.gradle
index 4778a0c66f..282addf7aa 100644
--- a/constants.gradle
+++ b/constants.gradle
@@ -28,7 +28,7 @@ project.ext {
     junitVersion = '4.12'
     truthVersion = '0.35'
     robolectricVersion = '3.4.2'
-    releaseVersion = 'r2.5.3'
+    releaseVersion = 'r2.5.4'
     modulePrefix = ':'
     if (gradle.ext.has('exoplayerModulePrefix')) {
         modulePrefix += gradle.ext.exoplayerModulePrefix
diff --git a/demos/cast/src/main/AndroidManifest.xml b/demos/cast/src/main/AndroidManifest.xml
index 95dfb5f8e0..8f0aa69e8c 100644
--- a/demos/cast/src/main/AndroidManifest.xml
+++ b/demos/cast/src/main/AndroidManifest.xml
@@ -15,8 +15,8 @@
 -->
 <manifest xmlns:android="http://schemas.android.com/apk/res/android"
     package="com.google.android.exoplayer2.castdemo"
-    android:versionCode="2503"
-    android:versionName="2.5.3">
+    android:versionCode="2504"
+    android:versionName="2.5.4">
 
   <uses-permission android:name="android.permission.INTERNET"/>
   <uses-sdk android:minSdkVersion="16" android:targetSdkVersion="26"/>
diff --git a/demos/main/src/main/AndroidManifest.xml b/demos/main/src/main/AndroidManifest.xml
index 4a9eec4002..f70d6152e8 100644
--- a/demos/main/src/main/AndroidManifest.xml
+++ b/demos/main/src/main/AndroidManifest.xml
@@ -16,8 +16,8 @@
 
 <manifest xmlns:android="http://schemas.android.com/apk/res/android"
     package="com.google.android.exoplayer2.demo"
-    android:versionCode="2503"
-    android:versionName="2.5.3">
+    android:versionCode="2504"
+    android:versionName="2.5.4">
 
   <uses-permission android:name="android.permission.INTERNET"/>
   <uses-permission android:name="android.permission.READ_EXTERNAL_STORAGE"/>
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 90385ed6c0..62ee8c4873 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 = "2.5.3";
+  public static final String VERSION = "2.5.4";
 
   /**
    * 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/2.5.3";
+  public static final String VERSION_SLASHY = "ExoPlayerLib/2.5.4";
 
   /**
    * The version of the library expressed as an integer, for example 1002003.
@@ -47,7 +47,7 @@ public final class ExoPlayerLibraryInfo {
    * integer version 123045006 (123-045-006).
    */
   // Intentionally hardcoded. Do not derive from other constants (e.g. VERSION) or vice versa.
-  public static final int VERSION_INT = 2005003;
+  public static final int VERSION_INT = 2005004;
 
   /**
    * Whether the library was compiled with {@link com.google.android.exoplayer2.util.Assertions}