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"Waterloo" was originally written as a song for the 1974 Eurovision Song Contest, after the group finished 3rd with "Ring Ring" the previous year in the Swedish preselection contest, Melodifestivalen 1973. Since it focused on lead vocalists Agnetha Fltskog and Anni-Frid Lyngstad, Bjrn Ulvaeus and Benny Andersson chose it in place of another of their songs, "Hasta Maana". "Waterloo" is about a girl who is about to surrender to romance, as Napoleon had to surrender at the Battle of Waterloo in 1815.
The song proved to be a good choice. It won Melodifestivalen 1974 (in Swedish) in February and won the Eurovision Song Contest 1974 (ESC) final on April 6 by six points.
"Waterloo" was one of ABBA's few songs to be written with simultaneous rock music and jazz beats, something later discarded in favour of more disco-esque rhythms. The song broke the "dramatic ballad" tradition of the Eurovision.
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