In 2000, U2's fan magazine got a face lift, the first in 16 years.  The dimensions of the magazine were changed to be smaller in size, and the look of the magazine changed as well.  The first issue of volume two was launched with a free CD, Hasta La Vista Baby.  The numbering of the magazine was also changed with this relaunch with issue 31 of Propaganda now becoming volume 2, issue 1.

However, in the internet age, even a relaunch didn't save Propaganda.  By the time the magazine was printed and in the hands of readers, much of the content had already appeared on websites.  By the time the article on fan sites in the first issue had been printed several of the sites were no longer available.  Rumours still persist of one more issue of Propaganda before it folds completely, and fans are waiting somewhat impatiently to see how their subscriptions are fullfilled if it does fold.  There has been no new issue of Propaganda since the fall of 2002.

 Issue: Volume 2, Issue 1
 Date: Summer 2000
 Contents: Welcome to Propaganda, Photos, New album news, Interview with the Edge, Studio photos, Notes on Hasta La Vista Baby, Article on the Million Dollar Hotel movie, interview with Wim Wenders and U2, ratings of fan sites.
 Notes: 32 pages including covers.  23.5cm x 21cm.

 Issue: Volume 2, Issue 2
 Date: Winter 2000
 Contents: Meet the directors (Jonas Akerlund, Kevin Godley), the Jubilee 2000 campaign, Anton Corbijn, Guggi's artwork, Article on Building the New U2, Photo tour of the studio, Bono on Bob Dylan, the video shoot for Beautiful Day, Interview with Adam Clayton, introducing u2.com, PJ Harvey profile, interview with U2, photo retrospective of U2 t-shirts.
 Notes: 44 pages including covers. 23.5cm x 21cm.

 Issue: Volume 2, Issue 3
 Date: Autumn 2002
 Contents: Monitor (Newsbits), Bono's Harvard speech, Steve Averill profile, Tour Special (information and rememberances of various dates, photos etc.), Bono interview, The Edge interview, Larry Mullen Interview, Adam Clayton interview, article about Aung San Suu Kyi, Bono's tribut to Joey Ramone.
 Notes: 44 pages including covers. 23.5cm x 21cm.
Propaganda Magazine Vol. 1 (#21-30)