WATCH: Olivia Vedder performs 'My Father's Daughter', written by Eddie Vedder and Glen Hansard

Gearing up for the highly anticipated film Flag Day, Olivia Vedder, Eddie Vedder and Glen Hansard have released 'My Father's Daughter', a song written for the film's original motion picture soundtrack.

Jennifer Vogel’s father John was larger than life. As a child, Jennifer marvelled at his magnetising energy and ability to make life feel like a grand adventure. He taught her so much about love and joy, but he also happened to be the most notorious counterfeiter in US history.

Flag Day is based on a true story, directed by Sean Penn. Starring Penn and his real-life daughter Dylan, the film is "an intimate family portrait about a young woman who struggles to rise above the wreckage of her past while reconciling the inescapable bond between a daughter and her father," according to a press statement.

“After this flood of gorgeous songs from Cat Power, Glen Hansard, and Eddie Vedder, we were just about to do a final mix on the film when Ed sent me Olivia singing ‘My Father’s Daughter.’ It became just the perfect cherry on top of the sundae,” Penn said in a statement.

The official music video for the song features footage from the Cannes Film Festival-selected film.

The soundtrack, due for release on August 20th, found Vedder bringing together Glen Hansard and singer-songwriter Cat Power – who contributes three new original songs, along with one cover.

It also marks Olivia Vedder's debut. The young singer lends her voice to two tracks, while Vedder and Hansard collaborate on eight new compositions for the soundtrack.

This marks Vedder’s second film collaboration with Penn, the first being 2007’s Into the Wild, for which the Pearl Jam frontman won a Golden Globe for Best Song in a Motion Picture. In the same year, Hansard starred in and wrote the music for Once, which earned him an Academy Award.

Watch the video below.