I'm sure you guys have heard this already, but here's an important point.

Kevin Smith speaking after accepting Prince's request to shoot TRC Documentary. He wanted to ask Prince if he could use TMBGITW in Jay and Silent Bob Strike Back:

I was like, "Should I just call him again?
Aren't we kind of friends at this point?"

He says, "Find out if we can use the song ."
I call him the next day and I was like, "Hey, Prince, it's Kevin .

Listen , we talked a lot and I look forward to this thing we're gonna do. .
.
. . .but we're making Jay and Silent Bob Strike Back. . .

. . .and it has the dudes who were in Dogma, remember?
I needed to use 'The Most Beautiful Girl in the World .'

I want to put it in this one scene." And he goes, "No."
I said , "No?" He said ,"I'm gonna have to pass on that."

He's like, "You can use the Time song ,"which he owns the publishing for.
And I said , "All right. Bye." You know? I was like, "That's so f*cking
weird ."

The dude said , "Come shoot documentary for me."
Then I'm like, "Can I have one of your songs?"

He's like, "No."
I thought people gave each other things.

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Prince doesn't give, he only takes.

In Prince's defense, the song would have been used in the part where Jay gets a massive boner so big it fills a super sized cup.