[3][4] The phrase has since become a cultural phenomenon and has been reworked to be an excuse for irresponsible and outlandish behaviour, but most of the time it is used sarcastically in this manner.

The song's lyrics interpret "You Only Live Once" to mean the complete opposite of dangerous and irresponsible behavior, and to instead be over secure and protective of life, in a pessimistic viewpoint.

The lyrics also satirize basic knowledge of economical events, dangerous activities and life-threatening events, and make reference to famous or not-so-famous acts done by other famous people or citizens ("Then bury all your money in the backyard like a Beagle", "Build a bomb shelter basement with titanium walls").

Also credited for songwriting are Rhiannon Bryan and Rhydian Davies, members of the Welsh alternative rock band The Joy Formidable, whose 2011 single "Whirring" is sampled throughout the song.

[9] Although the music video and single itself were released a day earlier outside the United States, no announcement was made until the Saturday Night Live airing.