Jim Belushi Recalls Favorite Moment of His Early Career Involving Brother John (Exclusive)

Jim Belushi is reminiscing about his early days in Hollywood.

While speaking exclusively with PEOPLE at the Song Sung Blue premiere at AFI Fest in Los Angeles on Oct. 26, the actor and comedian, 71, shared what he loved most about the period when he and his late brother, John Belushi, were getting their showbiz careers off the ground.

Beginning in 1975, John was a rising comedy star as an original cast member of Saturday Night Live, and he and costar Dan Aykroyd developed their respective characters, “Joliet” Jake Blues and Elwood Blues, into The Blues Brothers, a blues and soul band. The duo made their debut as musical guest on SNL in April 1978, and after later recruiting a full band, they opened for Steve Martin during a residency at the Universal Amphitheatre in Los Angeles in September 1978.

Jim remembers those shows fondly.

“I’ll tell you what I loved: I loved going to the Universal Amphitheatre when they came to L.A. and they opened for Steve Martin,” Jim says.

“It was magic!” he remembers. “And John was so, so magnificent. I loved that moment, to see my brother just hit the top of his chart.”

John and Aykroyd, 73, went on to release a double-platinum album, along with the hit movie The Blues Brothers in 1980.

Just two years later, John died on March 5, 1982, at the age of 33 from an apparent drug overdose. Following John’s death, Jim began performing in his brother’s place as Zee Blues alongside Aykroyd.

Jim tells PEOPLE that he and Aykroyd still “do the Blues Brothers now,” keeping his brother’s musical legacy alive. “We just did [a show] last week in Leesburg, Virginia,” he says, revealing that keeping the group going was “all Danny’s idea,” referring to Aykroyd.

“He wanted me to do the Blues Brothers. I said, ‘Absolutely not. That was John’s, not mine,’ ” the Red Heat star recalls. “He goes, ‘Ah, Jimmy. It’s like a law firm. When one of the partners passes away, the brother comes in and takes over.’ ‘Really?’ He goes, ‘Yeah.’ ‘You don’t think it’s weird?’ He goes, ‘Absolutely not!’ I’m like, ‘All right.’ ”

Jim adds: “I’ve been having a ball for 25 years, singing and dancing with that 6’4″ Canadian, beautiful man.”

Jim gets to lean into the musical vibes in his latest movie, Song Sung Blue, a biographical drama that tells the real-life story of Mike and Claire Sardina, struggling musicians who formed the Neil Diamond tribute band Lightning & Thunder together in 1987. Hugh Jackman plays Mike, and Kate Hudson stars as Claire. Jim plays the couple’s manager, Tom D’Amato.

Jim says he was drawn to the project because he wanted to work with writer-director Craig Brewer.

“He has the soul of a musician. I did one thing with him before, and I just love the connection with him,” he explains.

As for costars Jackman, 57, and Hudson, 46, they are “absolute thoroughbreds,” Jim says.

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“Katie Hudson is a lioness of an actress in this. I think she deserves a lot of attention. And Hugh is just a natural,” he adds.

Song Sung Blue is in theaters Dec. 25.