æz stˈiːvən tˈɑːməs ˈɜːluːˌaɪn ʌv ˈɔːl mjˈuːzɪk pˈʊt ɪt, ðə sˈɔŋ ɪz ɐbˌaʊt ɐ vˈɛɾɚɹən ˈɑːɹɾɪst "hˌuːz ɐwˈɛɹ ðæt hiːz mˈoːɹ ðɐn pˈeɪd hɪz dˈuːz dˈʊɹɹɪŋ hɪz kɚɹˈɪɹ ... bˌʌt ɪz stˈɪl sɚvˈaɪvɪŋ, ænd sˈʌmdeɪ, hiːl ʃˈaɪn dʒˈʌst lˈaɪk ɐ ɹˈaɪnstoʊn kˈaʊbɔɪ.
As Stephen Thomas Erlewine of AllMusic put it, the song is about a veteran artist "who's aware that he's more than paid his dues during his career ... but is still surviving, and someday, he'll shine just like a rhinestone cowboy.