Tom Petty has revealed that he no longer considers "Free Fallin'" one of his favourite songs, despite acknowledging it is one of his finest works. The 1989 hit, written with Jeff Lynne for his debut solo album Full Moon Fever, became such a massive cultural anthem that its extraordinary popularity diminished Petty's personal affection for it, though he expressed gratitude that audiences embraced the track so warmly.

"Free Fallin'" came into being serendipitously when Petty played a keyboard riff that Lynne praised but suggested trimmed by one chord. When Petty then sang the first verse to entertain Lynne, the collaborator spontaneously suggested the phrase "freefalling," which they refined by having Petty raise his voice and add "free" before "free fallin'." The song was completed in a single evening. Remarkably, Petty's record label initially rejected Full Moon Fever—a rare setback in his four-decade career—but when new leadership took over, they enthusiastically approved the same record, which subsequently became a commercial success.