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Lou Reed composed this song in 1972, and it first appeared on Transformer, his second solo album following his departure from the Velvet Underground. The track was initially released as a dual A-side single alongside "Walk on the Wild Side". Its popularity experienced a significant resurgence during the 1990s following its inclusion in the 1996 film Trainspotting. A celebrity-studded rendition released as a BBC charity single in 1997 achieved chart-topping success across the United Kingdom, Ireland, and Norway. Reed subsequently re-recorded the composition for his 2003 album The Raven. The song ranks as his second most commercially successful solo single.
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