One of my favorite bands of old. Interesting tidbit: When they first started recording out of the Abbey Road facility on the Apple label, everyone thought they were the Beatles "in disguise" because of the similarity in the sounds of the two groups. In fact, Paul McCartney was responsible for "discovering" Badfinger and bringing them to the Apple label. He even went so far as to provide them with music he had penned, to rewrite or revise music they had written, and to assist them with vocal harmonies.
Sadly, Badfinger also turned out to be one of the most tragic of bands of that era as well with two of the members of the group committing suicide over financial difficulties after an American business manager mismanaged the band's financial affairs. The first suicide - at the bewitching age of 27 - was that of the Swansea, Wales lead singer / song writer Pete Ham. The second suicide was that of his best friend and bandmate Tom Evans, who had discovered Ham's body.
A book entitled "Without You: The Tragic Story of Badfinger" examines the genius and eventual tragedy that was Badfinger from their beginning to their end. It is highly recommended if you can find it.
There's an understated irony in a then-up-and-coming band performing this song joyously and smiling without a care as to what the song is about. I don't think McCartney ever discussed the themes that were injected into this song when he wrote it, but if you know the story, it's fairly obvious: it's the voice of someone in the record company with authority trying to entice the band into joining them and signing contracts. It's all the more poignant when you find out what happened to Badfinger in the end and what precipitated their ruin. The Beatles wanted nothing to do with Apple around the time due to the business headaches they brought and this song was written in the throes of that period for the group.
Symbolically, it's as if McCartney was passing the torch to Badfinger in terms of being the next big thing but also being left to the machinations and deceptions of the record industry, namely Apple - four wide-eyed naive youths lacking the exposure to the industry that the Beatles had seen previously.