The stylized video celebrates love through the lens of competition and athleticism as Smith and Lovato participate in a number of Olympic sports with some very bold twists -- such as high-heeled Greco-Roman wrestling and the 100-meter drag race.
The song incorporates a fun, synth-pop flair with dynamic vocals to create an anthemic musical declaration that both artists are ready to find love and, more importantly, to be loved by someone who appreciates them.
"It’s so hard when you’re with someone/ Your heart breaks and it ain’t no fun/ But I gotta take that risk tonight," Smith sings in the pounding chorus. "I’m ready, I’m ready, I’m ready, I’m ready/ For someone to love me."
The music video culminates with the same triumphant vibe as the song itself, with Smith and Lovato earning Gold Medals on an Olympics-style winners podium.
Smith recently opened up about working with Lovato while chatting with Zane Lowe on Apple Music, and praised the songstress for being "a queer icon."
"I've been a fan of Demi's since I was 14, 13… and just as a sad, queer kid listening to that, going through my own stuff, I felt so connected, as did so many queer people," Smith said. "She is this pop star who creates for the love of creating. And she's not fussed about the coolness all the time."
"I really love her honesty. And we've connected over the years, we've been talking and stuff. And, yeah, she came in the studio and recorded it, and we just had the most beautiful few days," Smith continued. "She's the strongest, most vulnerable, beautiful human. She's my pop star of my life, to be honest."
Smith also cited "musical theater" as one of their biggest inspirations when it came to creating the "I'm Ready" music video, and that they wanted to embrace their pop music side.
"It's me saying that I'm going to reach and it's okay. And it's okay to play around and have these moments without feeling ashamed for being really pop," Smith said. "I'm dancing and I'm in wrestling gear. It's basically the queer Olympics. I'm doing a hundred meter relay race in heels in a dress."
The song will be featured on Smith's now-untitled forthcoming album, the release of which has been postponed in the wake of the ongoing coronavirus pandemic.
"To my wonderful fans, firstly I want to send love and strength to everyone who has been affected by this situation. I hope you are all alright during this incredibly weird, upsetting and unprecedented time," Smith's post began. "I have done a lot of thinking the last few weeks and feel that the title of my album and imminent release doesn't feel right, so I have come to the decision to continue working on the album and make some important changes and additions."
"I will be renaming my album and pushing back the release date - both of which are to be confirmed at this time," Smith continued. "Don't worry though, there will be an album this year, I promise! But until then I am still going to bring out some new music over the new few months, which I'm incredibly excited about."