Patrick Stump originally released this song on his website on November 29, 2011. He posted two different versions - "Spotlight (New Regrets)" and "Spotlight (Oh Nostalgia)" - and asked his fans to vote which rendering should appear on the album as he couldn't decide. "Oh Nostalgia" came ahead in the poll and was included on Stump's debut EP Truant Wave, however, "New Regrets" was chosen for Soul Punk. Stump claimed the votes were too close and that he felt as if, "Oh Nostalgia basically needed its own record", building Truant Wave around it. Stump also released a 7" vinyl through his Nervous Breakdance Media record label, featuring both versions. It was his label's first release and was limited to 500 pressings.
During the writing of Soul Punk, Stump had to deal with a number of difficult issues, including the deaths of both his uncle and his friend T-Bone Wolk. He explained to MTV News that some of his writing "took on a more cathartic thing," as he dealt with the tragedies and this song deals explicitly with his losses.
During an interview with Broward Palm Beach New Times, Stump was asked what is the favorite lyric that he's come up with for Soul Punk? He replied with a couplet from this song: "Depression's a little bit like happy hour, it's always gotta be happening somewhere on any given night." Stump then explained: "It's acknowledging that we all get, especially when you're younger, it's easy to dwell on these things, but as you get older and have actual real-life stuff happen to you, that's when you get to know man problems, adult problems. That makes you appreciate the good stuff a little bit more."
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