It’s a nice song—Hypable reports that Springsteen wrote it for his son after they read The Sorcerer’s Stone together—but it doesn’t exactly fit with John Williams’ tinkling-magic score for the films, nor does it address anything specific to the story’s plot. Instead, it feels like a message of friendship and support for someone going through hard times—a message Ron and Hermione communicate to Harry consistently through the series—or a parental figure like Dumbledore or Sirius Black telling Harry he’s not alone.
The song sees the light of day thanks to the Springsteen-specific torrent site Jungleland, which released 12 other songs, mostly from concert sound checks. The Odds And Sods compilation also gives us an early version of “Kitty’s Back” and “Devils & Dust.” You’ll need to register with Jungleland to torrent the full compilation.