It was Dire Straits' most commercially successful single, peaking at number 1 for three weeks on both the US "Billboard" Hot 100 and Top Rock Tracks chart and number 4 in the band's native UK. In July 1985, the month following its release, Dire Straits and Sting performed the song at Live Aid. At the 28th Annual Grammy Awards in 1986, "Money for Nothing" won Best Rock Performance by a Duo or Group with Vocal and was nominated for Record of the Year and Song of the Year as well. At the 1986 MTV Video Music Awards, the music video received 11 nominations, winning Video of the Year and Best Group Video.