This song is about heroin. References to the drug can be found in some of the lyrics, such as "Me and the dragon can chase all the pain away." When this was released, the members of Placebo were going through drug addiction, which they later successfully kicked.
Placebo frontman Brian Molko said this tune is about "a romance with a substance and a romance with a person and they both ended very, very tragically." He continued in a 1999 interview with Rock Sound: "One day somebody wrote a message on the wall of my room: 'My gentle prince, you are the only.' The relationship ended disastrously because the person in question is almost dead."
Molko doesn't like when his lyrics get censored and is very happy when he slips some naughty words past the censors. He told interviewer Sally Stratton in 1998: "I'm very proud of 'My Sweet Prince' because I managed to get... I've never used the word baby in a song before and I managed to get f--k and baby in the same verse and I'm very, very proud of that. You know, it's kind of funny you know we can sort of like follow a song called 'Pure Morning' on our album with 'Brick S--thouse' you know so it seems to me it's not a desire to shock, it's a desire to get a point across basically you know, and to not mince words really, you know."
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