
The music video for the single, directed by Julien Temple, stars Johnny Depp as the protagonist, Eddie Rebel, as well as Gabrielle Anwar as Eddie's girlfriend and Faye Dunaway as his manager, and features cameos by Terence Trent D'Arby, Chynna Phillips, and Matt LeBlanc. Petty himself appears in the video playing multiple roles, including the narrator, the tattoo artist, Eddie's roadie Bart and a reporter. The other members of the Heartbreakers are also given cameos throughout the video. Lead guitarist Mike Campbell helps present the award to Eddie toward the end of the video, keyboardist Benmont Tench portrays Eddie's record producer, bassist Howie Epstein portrays a motorcycle dealer, and drummer Stan Lynch portrays the doorman who refuses to let Eddie's manager into the red carpet event. Petty's manager Tony Dimitriades is also given a cameo as the record label A&R man who signs Eddie into a recording contract.
Petty later commented that it was "one of the only times I've ever felt fulfilled by a video. I even had people coming to me wanting to make it into a movie."