The song was recorded at the request of Rocky III star, writer, and director Sylvester Stallone.
In the United States, it held No. 1 on the Billboard Hot 100 chart for six consecutive weeks and was the No. 2 single of 1982.
It spent fifteen consecutive weeks in the top ten, the second longest run of 1982, behind "Hurts So Good" by John Cougar.
The band won a 1982 Grammy Award for "Best Rock Performance by Duo or Group With Vocal" at the 25th Annual Grammy Awards.
In September 1982, it also peaked at No. 1 in the United Kingdom, remaining at the top of the UK Singles Chart for four consecutive weeks.