It was first teased in the Full Hearts Tour schedule as artwork, and as a small preview in their Full Hearts Tour announcement video.
The artwork was available through Shazam from July 20th, 2018.
It takes inspiration from the song Flying Purple People Eater, which has a similar name.
Escape replaced Purple People Eater on Monstercat Uncaged Vol. 5 due to licensing issues with Purple People Eater's sample, preventing it from being included on the compilation. Even though that the album only takes songs that are released on Mondays and Thursdays after the split, still due to licensing issues, Escape had to replace it.
Purple People Eater has samples similar to its original song, similarly named "Flying Purple People Eater".
It is unknown why Steel or OSCar wasn't selected but Escape is, but it is possibly due to popularity or by per Monstercat's selection.
Escape replacing Purple People Eater is similar to the song Crab Rave, where it was placed onto the Instinct Vol. 1 album, replacing Stephen's Stay. It is currently unknown why but it was either due to Crab Rave being so popular or Stay ending up in the same fate as Purple People Eater. There are some points to note, however.
If you hear the full song of Stay, there aren't any samples hidden inside the song which doesn't have any licensing issues. This is still up for speculation.