Lyric discussion by Occams_Harmony 

It's about the celebrity experience. It's about how people do enjoy being celebrities, but it comes with a cost. In exchange for fame, he has had to give up freedoms and real contact with ordinary people. In the end, he has to "become the celebrity," by meeting people's expectations, doing what he's told. When you become a celebrity, people want you to act like a celebrity, 24 hours a day, 7 days a week. 52 weeks a year, and he's got to smile, wave to the people,

The song also remarks that artists often lose their edge, their talent and their integrity, when offered large sums of cash.

In all, the meaning I take from this song, is that while it is good to be famous and rich and have connections, it's sucks to be a celebrity (which is different from being famous) because the public and the magazines hound you unfairly.

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