The song was released on September 25, 2020, alongside a video shot partly in England and at Michael Jordan's Chicago mansion.

[6] The song interpolates and pays homage to American rap group Dem Franchize Boyz's 2004 single "White Tee" in its chorus.

[9] Scott makes references to Spike Lee, Zootopia, and director Jeff Pollack, while Young Thug "recaptures the energy" of his song, "The London",[10] rapping about flying private jets to France and about Pop Smoke, among other things.

[7] Soundigest's Sam Gibbs noted that the lyrics "also seem to play off of [Scott's] partnership with McDonald's, which is actually a franchise".

[11] Hypebeast's Sophie Caraan said the song "utilizes an interesting fusion of contrasting yet complementing flows from Scott, M.I.A.

[3] Deeming the song "hazy", Complex's Jessica McKinney listed it among the best music of the week, noting Young Thug's and M.I.A.

[12] Matt Melis of Consequence of Sound opined: "Scott's as prolific a songwriter as he is a savvy businessman, and he flaunts that business acumen on 'Franchise' in much the same way emcees used to brag about ice and their tricked-out whips".

[11] The music video premiered at select IMAX theatres prior to the film Tenet (for which Scott recorded the song "The Plan").

[14] The video was directed by Scott and White Trash Tyler and was filmed in the UK and at Michael Jordan's mansion in Highland Park, Illinois.

[15] The visual opens with vintage footage of Jordan leaving the mansion in a bright-red second generation Range Rover,[16] a scene taken from the Netflix basketball documentary series The Last Dance.

's scenes were shot in Rye, England, and she wears a suit made of nearly 600 fresh flowers, which were built onto her body.

[17] The camera pans in on Young Thug's face as he raps his verse, before zooming out, revealing, as noted by CNET's Daniel Golson, a heavily modified, floating X80 Toyota Cressida.

It was noted for having elements reminiscent of Kendrick Lamar's "Humble" video and the 2019 film Midsommar, and for incorporating references to the work of Chilean–French filmmaker Alejandro Jodorowsky.

[12][1] A remix with an additional feature from American rapper Future and a different outro from Scott was released on October 7, 2020.