Shearer said in an interview that "The animating impulse was to do rock 'n' roll right. The four of us had been around rock 'n' roll and we were just amazed by how relentlessly the movies got it wrong. Because we were funny people it was going to be a funny film, but we wanted to get it right." When they tried to sell it to various Hollywood studios, they were told that the film would not work. The group kept saying, "No, this is a story that's pretty familiar to people. We're not introducing them to anything they don't really know," so Shearer thought it would at least have some resonance with the public. The film was only a modest success upon its initial release but found greater success, and developed a cult following, after its video release. In 2000, the film was ranked 29th on the American Film Institute's list of the top 100 comedy movies in American cinema and it was selected for preservation in the United States National Film Registry by the Library of Congress as being "culturally, historically, or aesthetically significant".