diff --git a/musician/__init__.py b/musician/__init__.py
index e69de29..d09031b 100644
--- a/musician/__init__.py
+++ b/musician/__init__.py
@@ -0,0 +1,29 @@
+"""
+Package metadata definition.
+"""
+
+VERSION = (0, 1, 0, 'alpha', 1)
+
+
+def get_version():
+    "Returns a PEP 386-compliant version number from VERSION."
+    if (len(VERSION) != 5 or
+            VERSION[3] not in ('alpha', 'beta', 'rc', 'final')):
+        raise ValueError(
+            "{} is not PEP 386-compliant version number".format(VERSION))
+
+    # Now build the two parts of the version number:
+    # main = X.Y[.Z]
+    # sub = .devN - for pre-alpha releases
+    #     | {a|b|c}N - for alpha, beta and rc releases
+
+    parts = 2 if VERSION[2] == 0 else 3
+    main = '.'.join(str(x) for x in VERSION[:parts])
+
+    sub = ''
+
+    if VERSION[3] != 'final':
+        mapping = {'alpha': 'a', 'beta': 'b', 'rc': 'c'}
+        sub = mapping[VERSION[3]] + str(VERSION[4])
+
+    return str(main + sub)
diff --git a/setup.py b/setup.py
index 52382e2..16fabeb 100644
--- a/setup.py
+++ b/setup.py
@@ -3,13 +3,16 @@ import os
 from setuptools import find_packages, setup
 
 
+# Dynamically calculate the version
+version = __import__('musician').get_version()
+
 # allow setup.py to be run from any path
 os.chdir(os.path.normpath(os.path.join(os.path.abspath(__file__), os.pardir)))
 
 
 setup(
     name="django-musician",
-    version="0.1",
+    version=version,
     url='https://gitlab.pangea.org/slamora/django-musician.git',
     author='Santiago Lamora',
     author_email='santiago@ribaguifi.com',