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No, the School of Rock (the band name for Dewey Finn’s class) does not win the official Battle of the Bands competition.
Here are the specific details regarding the ending:
While not critical to the core answer, the prize amount is a specific plot detail mentioned as Dewey's motivation.
Summer is seen managing the band's business even during the credits, which adds context to the 'Aftermath' section.
Identifying the winning song provides more complete context for the competition results.
No, the School of Rock band does not win the Battle of the Bands. The first-place trophy and the $20,000 prize are awarded to No Vacancy, the band that Dewey Finn was originally kicked out of. However, the School of Rock's performance of an original song (written by Zack Mooneyham) is so well-received that the crowd chants for an encore. The band returns to play AC/DC's 'It's a Long Way to the Top (If You Wanna Rock 'n' Roll)' during the credits. The film concludes with Dewey and Ned Schneebly running a successful after-school program called the 'School of Rock,' where Dewey teaches rock performance and Ned teaches music theory/beginners, with the full support of the students' parents.