diff --git a/NEWS.md b/NEWS.md
index 68c795a90..93f9e9b3d 100644
--- a/NEWS.md
+++ b/NEWS.md
@@ -18,6 +18,10 @@
   numbers were not output correctly (e.g. a track's audio sampling frequency
   of 48000 might be output as 48).
 
+## Build system changes
+
+* The bundled `fmt` library was updated to v7.1.3.
+
 
 # Version 55.0.0 "Waiting For Space" 2021-03-06
 
diff --git a/README.md b/README.md
index 67e55a30b..fab9fe7b7 100644
--- a/README.md
+++ b/README.md
@@ -484,7 +484,7 @@ A beefed-up tab widget class for Qt extracted from the Qt Creator project
 
 Small, safe and fast formatting library
 
-  * Copyright: 2012–2019 by Victor Zverovich
+  * Copyright: 2012–present by Victor Zverovich
   * License: BSD (see `doc/licenses/fmt-BSD.txt`)
   * URL: http://fmtlib.net/latest/
   * Corresponding files: `lib/fmt/*`
diff --git a/doc/licenses/fmt-BSD.rst b/doc/licenses/fmt-BSD.rst
index eb6be6503..f0ec3db4d 100644
--- a/doc/licenses/fmt-BSD.rst
+++ b/doc/licenses/fmt-BSD.rst
@@ -1,23 +1,27 @@
-Copyright (c) 2012 - 2016, Victor Zverovich
+Copyright (c) 2012 - present, Victor Zverovich
 
-All rights reserved.
+Permission is hereby granted, free of charge, to any person obtaining
+a copy of this software and associated documentation files (the
+"Software"), to deal in the Software without restriction, including
+without limitation the rights to use, copy, modify, merge, publish,
+distribute, sublicense, and/or sell copies of the Software, and to
+permit persons to whom the Software is furnished to do so, subject to
+the following conditions:
 
-Redistribution and use in source and binary forms, with or without
-modification, are permitted provided that the following conditions are met:
+The above copyright notice and this permission notice shall be
+included in all copies or substantial portions of the Software.
 
-1. Redistributions of source code must retain the above copyright notice, this
-   list of conditions and the following disclaimer.
-2. Redistributions in binary form must reproduce the above copyright notice,
-   this list of conditions and the following disclaimer in the documentation
-   and/or other materials provided with the distribution.
+THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND,
+EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF
+MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND
+NONINFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE
+LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION
+OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION
+WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE.
 
-THIS SOFTWARE IS PROVIDED BY THE COPYRIGHT HOLDERS AND CONTRIBUTORS "AS IS" AND
-ANY EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED
-WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE ARE
-DISCLAIMED. IN NO EVENT SHALL THE COPYRIGHT OWNER OR CONTRIBUTORS BE LIABLE FOR
-ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES
-(INCLUDING, BUT NOT LIMITED TO, PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES;
-LOSS OF USE, DATA, OR PROFITS; OR BUSINESS INTERRUPTION) HOWEVER CAUSED AND
-ON ANY THEORY OF LIABILITY, WHETHER IN CONTRACT, STRICT LIABILITY, OR TORT
-(INCLUDING NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY OUT OF THE USE OF THIS
-SOFTWARE, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGE.
+--- Optional exception to the license ---
+
+As an exception, if, as a result of your compiling your source code, portions
+of this Software are embedded into a machine-executable object form of such
+source code, you may redistribute such embedded portions in such object form
+without including the above copyright and permission notices.
diff --git a/lib/fmt b/lib/fmt
index 19bd75102..7bdf0628b 160000
--- a/lib/fmt
+++ b/lib/fmt
@@ -1 +1 @@
-Subproject commit 19bd751020a1f3c3363b2eb67a039852f139a8d3
+Subproject commit 7bdf0628b1276379886c7f6dda2cef2b3b374f0b