In this song, Holly is coping with a breakup, telling a girl that she doesn't matter anymore, as it's all over between them. He recorded the song on October 21, 1958 in New York City. It was his last recording session, as he died in a plane crash on February 3, 1959. Released in January 1959, the song peaked on the Hot 100 at #13 in March.
In the UK, the song was released after Holly's death and rose to #1 in April, his only chart-topper there.
Paul Anka wrote this song specifically for Holly. Like Holly, Anka was one of the few young singers who was writing his own songs. In the late '50s, Anka was still a teenager and extremely prolific. He was also very business savvy, with his own publishing company, so having an artist of Holly's stature could pay off nicely.
This was one of the first Holly recordings to use string arrangements to highlight his vocals.
Paul Anka donated his royalties from the song to Holly's wife. He said: "'It Doesn't Matter Anymore' has a tragic irony about it now, but at least it will help look after Buddy Holly's family. I'm giving my composer's royalty to his widow - it's the least I can do."