diff --git a/examples.py b/examples.py
index 47275ccc..e428821a 100644
--- a/examples.py
+++ b/examples.py
@@ -444,6 +444,7 @@ def dynamic_message():
         progressbar.Percentage(),
         progressbar.Bar(),
         progressbar.DynamicMessage('loss'),
+        progressbar.DynamicMessage('username', width=12, precision=12),,
     ]
     with progressbar.ProgressBar(max_value=100, widgets=widgets) as bar:
         min_so_far = 1
@@ -451,7 +452,7 @@ def dynamic_message():
             val = random.random()
             if val < min_so_far:
                 min_so_far = val
-            bar.update(i, loss=min_so_far)
+            bar.update(i, loss=min_so_far, username='Some user %02d' % i)
 
 
 @example
diff --git a/progressbar/__about__.py b/progressbar/__about__.py
index ce2b5b30..28d2dd1b 100644
--- a/progressbar/__about__.py
+++ b/progressbar/__about__.py
@@ -19,7 +19,7 @@
 long running operations.
 '''.strip().split())
 __email__ = 'wolph@wol.ph'
-__version__ = '3.40.0'
+__version__ = '3.41.0'
 __license__ = 'BSD'
 __copyright__ = 'Copyright 2015 Rick van Hattem (Wolph)'
 __url__ = 'https://github.com/WoLpH/python-progressbar'
diff --git a/progressbar/widgets.py b/progressbar/widgets.py
index 0bdd46ae..4fffda90 100644
--- a/progressbar/widgets.py
+++ b/progressbar/widgets.py
@@ -715,8 +715,12 @@ def __call__(self, progress, data):
 class DynamicMessage(FormatWidgetMixin, WidgetBase):
     '''Displays a custom variable.'''
 
-    def __init__(self, name):
+    def __init__(self, name, format='{name}: {formatted_value}',
+                 width=6, precision=3):
         '''Creates a DynamicMessage associated with the given name.'''
+        self.format = format
+        self.width = width
+        self.precision = precision
         if not isinstance(name, str):
             raise TypeError('DynamicMessage(): argument must be a string')
         if len(name.split()) > 1:
@@ -726,11 +730,24 @@ def __init__(self, name):
         self.name = name
 
     def __call__(self, progress, data):
-        val = data['dynamic_messages'][self.name]
-        if val:
-            return self.name + ': ' + '{:6.3g}'.format(val)
-        else:
-            return self.name + ': ' + 6 * '-'
+        value = data['dynamic_messages'][self.name]
+        context = data.copy()
+        context['value'] = value
+        context['name'] = self.name
+        context['width'] = self.width
+        context['precision'] = self.precision
+
+        try:
+            context['formatted_value'] = '{value:{width}.{precision}}'.format(
+                **context)
+        except (TypeError, ValueError):
+            if value:
+                context['formatted_value'] = '{value:{width}}'.format(
+                    **context)
+            else:
+                context['formatted_value'] = '-' * self.width
+
+        return self.format.format(**context)
 
 
 class CurrentTime(FormatWidgetMixin, TimeSensitiveWidgetBase):
diff --git a/tests/test_custom_widgets.py b/tests/test_custom_widgets.py
index a7456de2..ec3f4381 100644
--- a/tests/test_custom_widgets.py
+++ b/tests/test_custom_widgets.py
@@ -40,11 +40,20 @@ def test_dynamic_message_widget():
         progressbar.Bar(),
         ' (', progressbar.ETA(), ') ',
         progressbar.DynamicMessage('loss'),
+        progressbar.DynamicMessage('text'),
+        progressbar.DynamicMessage('error', precision=None),
     ]
 
     p = progressbar.ProgressBar(widgets=widgets, max_value=1000)
     p.start()
     for i in range(0, 200, 5):
         time.sleep(0.1)
-        p.update(i + 1, loss=.5)
+        p.update(i + 1, loss=.5, text='spam', error=1)
+
+    i += 1
+    p.update(i, text=None)
+    i += 1
+    p.update(i, text=False)
+    i += 1
+    p.update(i, text=True, error='a')
     p.finish()