diff --git a/_service b/_service
index 09750ac..21c5b14 100644
--- a/_service
+++ b/_service
@@ -3,7 +3,7 @@
   <service name="obs_scm" mode="manual">
     <param name="scm">git</param>
     <param name="url">https://gitlab.freedesktop.org/pipewire/pipewire.git</param>
-    <param name="revision">1.2.2</param>
+    <param name="revision">1.2.3</param>
     <param name="versionformat">@PARENT_TAG@</param>
     <!--
     <param name="revision">60deeb25558a794e6e664bb832318b87958c18ea</param>
@@ -14,7 +14,7 @@
   <service name="tar" mode="buildtime"/>
   <service name="recompress" mode="buildtime">
     <param name="file">*.tar</param>
-    <param name="compression">xz</param>
+    <param name="compression">zst</param>
   </service>
   <service name="set_version" mode="manual" />
 </services>
diff --git a/pipewire-1.2.2.obscpio b/pipewire-1.2.2.obscpio
deleted file mode 100644
index 2d3ab1a..0000000
--- a/pipewire-1.2.2.obscpio
+++ /dev/null
@@ -1,3 +0,0 @@
-version https://git-lfs.github.com/spec/v1
-oid sha256:87e87da3d69fe02b9ff27e1e16007cb8b6551ba304dce4a521214d22c180e80f
-size 13185549
diff --git a/pipewire-1.2.3.obscpio b/pipewire-1.2.3.obscpio
new file mode 100644
index 0000000..4e48569
--- /dev/null
+++ b/pipewire-1.2.3.obscpio
@@ -0,0 +1,3 @@
+version https://git-lfs.github.com/spec/v1
+oid sha256:8341edcce6b296139109ffc13639f31606d8a76c58148615242b892ece716903
+size 13190157
diff --git a/pipewire.changes b/pipewire.changes
index 3479da8..26aa826 100644
--- a/pipewire.changes
+++ b/pipewire.changes
@@ -1,3 +1,36 @@
+-------------------------------------------------------------------
+Tue Aug 27 14:55:37 UTC 2024 - Bjørn Lie <bjorn.lie@gmail.com>
+
+- Update to version 1.2.3:
+  + Highlights:
+    - Implement freewheeling support in the FFADO driver. Also
+      improve buffersize and samplerate handling.
+    - Improve some locking on spa_loop. Remove a possible deadlock
+      when the queue was full.
+    - Allocate more space for the libcamera devices string to
+      properly deduplicate libcamera and v4l2 devices.
+    - Some more bugfixes and improvements.
+  + PipeWire:
+    - Improve activation state changes and xrun detection some more
+    - Avoid a memory leak when a link in error is destroyed.
+  + Modules:
+    - Improve samplerate and buffersize handling in FFADO driver so
+      that it is possible to force a rate and buffer size.
+    - Implement freewheeling support in the ffado driver.
+    - Always set the server side clock.quantum-limit on nodes. This
+      fixes a buffer size problem in Midi-bridge.
+  + SPA:
+    - Improve some locking on spa_loop. Remove a possible deadlock
+      when the queue was full.
+    - Allocate more space for the libcamera devices string to
+      properly deduplicate libcamera and v4l2 devices.
+    - Fix a potential race when enumerating v4l2 udev devices.
+  + Bluetooth: Improve compatibility with some devices (Soundcore
+    Motion 300).
+  + Tools:
+    - pw-cli can now handle arbitrarily large input and params.
+    - Avoid some compiler warnings in pw-top.
+
 -------------------------------------------------------------------
 Thu Aug  8 08:31:49 UTC 2024 - Antonio Larrosa <alarrosa@suse.com>
 
diff --git a/pipewire.obsinfo b/pipewire.obsinfo
index f3b380c..359898d 100644
--- a/pipewire.obsinfo
+++ b/pipewire.obsinfo
@@ -1,4 +1,4 @@
 name: pipewire
-version: 1.2.2
-mtime: 1722420144
-commit: e224ccdcb7514bc7417f46c75d137fbee231e7fc
+version: 1.2.3
+mtime: 1724313050
+commit: e2a76824e2b112b15ae4a1a3d444696d5526f8d8
diff --git a/pipewire.spec b/pipewire.spec
index f1df56a..401d039 100644
--- a/pipewire.spec
+++ b/pipewire.spec
@@ -62,13 +62,13 @@
 %bcond_with aptx
 
 Name:           pipewire
-Version:        1.2.2
+Version:        1.2.3
 Release:        0
 Summary:        A Multimedia Framework designed to be an audio and video server and more
 License:        MIT
 Group:          Development/Libraries/C and C++
 URL:            https://pipewire.org/
-Source0:        %{name}-%{version}.tar.xz
+Source0:        %{name}-%{version}.tar.zst
 Source99:       baselibs.conf
 # PATCH-FIX-OPENSUSE reduce-meson-dependency.patch
 Patch0:         reduce-meson-dependency.patch