diff --git a/multimedia/ffmpeg/Makefile b/multimedia/ffmpeg/Makefile
index ed677cf3e..d24eeb964 100644
--- a/multimedia/ffmpeg/Makefile
+++ b/multimedia/ffmpeg/Makefile
@@ -8,12 +8,12 @@
 include $(TOPDIR)/rules.mk
 
 PKG_NAME:=ffmpeg
-PKG_VERSION:=2.7.2
+PKG_VERSION:=2.7.4
 PKG_RELEASE:=1
 
-PKG_SOURCE:=$(PKG_NAME)-$(PKG_VERSION).tar.bz2
+PKG_SOURCE:=$(PKG_NAME)-$(PKG_VERSION).tar.xz
 PKG_SOURCE_URL:=http://ffmpeg.org/releases/
-PKG_MD5SUM:=7eb2140bab9f0a8669b65b50c8e4cfb5
+PKG_MD5SUM:=dea35a30de724e1851a94680fc209a0d
 PKG_MAINTAINER:=Ted Hess <thess@kitschensync.net>
 
 PKG_LICENSE:=LGPL-2.1+ GPL-2+ LGPL-3