diff --git a/CHANGELOG.md b/CHANGELOG.md
index 038e1dd1..55605d84 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,14 @@
+1.38.0 / 2024-01-08
+==================
+
+New functionality and features
+------------------------------
+
+  * Add support for `analyze` API
+  * Add support for `dedicated_for` parameter in `update_access_key` Provisioning API
+  * Add support for `delete_access_key` in Provisioning API
+  * Add support for `use_fetch_format` parameter in video tag
+
 1.37.0 / 2023-12-03
 ==================
 
diff --git a/cloudinary/__init__.py b/cloudinary/__init__.py
index 511af264..4a4a212e 100644
--- a/cloudinary/__init__.py
+++ b/cloudinary/__init__.py
@@ -38,7 +38,7 @@
 URI_SCHEME = "cloudinary"
 API_VERSION = "v1_1"
 
-VERSION = "1.37.0"
+VERSION = "1.38.0"
 
 _USER_PLATFORM_DETAILS = "; ".join((platform(), "Python {}".format(python_version())))
 
diff --git a/pyproject.toml b/pyproject.toml
index 7c1d159b..5005cca1 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -1,7 +1,7 @@
 [project]
 name = "cloudinary"
 description = "Python and Django SDK for Cloudinary"
-version = "1.37.0"
+version = "1.38.0"
 
 authors = [{ name = "Cloudinary", email = "info@cloudinary.com" }]
 license = { file = "LICENSE.txt" }
diff --git a/setup.py b/setup.py
index bb1f3cb8..5cb5af84 100644
--- a/setup.py
+++ b/setup.py
@@ -13,7 +13,7 @@
 else:
     # Following code is legacy (Python 2.7 compatibiltiy) and will be removed in the future!
     # TODO: Remove in next major update (when dropping Python 2.7 compatibility)
-    version = "1.37.0"
+    version = "1.38.0"
 
     with open('README.md') as file:
         long_description = file.read()