The song features Busta Rhymes trading verses with fellow New York rapper Q-Tip, and contains interludes from their respective label bosses, Lil Wayne (in the intro) and Kanye West (midway through).

The song was revealed to be featuring Kanye West, Q-Tip and Lil Wayne and produced[1] by Busta Rhymes himself.

I just wanted to put it to bed and create an eventful moment where me and [Lil] Wayne being Young Money/Cash Money on one team, Q-Tip and Kanye [West] be on another movement on G.O.O.D.

Music, just showing that camaraderie and that alliance and just making it official on a real Hip Hop level.

"[1] The hip hop song features verses by Busta Rhymes and Q-Tip, with ad-libs by Kanye West and Lil Wayne.

[7] In promotion of the single, on December 3, Busta Rhymes and Q-Tip announced a collaboration mixtape titled The Abstract and The Dragon.

The 28-song mixtape features "Thank You," and includes skits and other songs from A Tribe Called Quest, Missy Elliott and Big Daddy Kane.

[9] On August 24, 2013, Director X directed the music video for "Thank You" in New York City with Busta Rhymes, Kanye West, Lil Wayne and Q-Tip.