The video is the second video for the song. Footage from this version was edited into the first version. This version differs notably from the first version as it shows U2 performing the song live and acoustically whereas the first version contains the soundtrack mix. A third studio mix was included on U2: The Best of 1990-2000, which this version premiered exclusively on.
The song is the first of two songs by U2 to received an Academy Award nomination for Best Original Song. The second is "Ordinary Love" in 2013.
U2 have performed this song live in its entirety seven times. It premiered at the premiere of Gangs of New York on December 9, 2002, and was notably performed at the opening of the Bill Clinton Presidential Library in Little Rock, Arkansas on November 18, 2004 by Bono and the Edge in an acoustic performance. This was the last full live performance of the song. It has largely appeared as a snippet included in other songs.
The song appeared on U2's greatest hits compilation The Best of 1990-2000. The song mix on the compilation differs from the mix heard in this video or on the Gangs of New York soundtrack.
The title of the song was inspired by Horslips title track to their album "The Man Who Built America" with the full blessing of Horslips singer and bass player Barry Devlin who had produced a number of U2 videos. The song is played in the 2002 Martin Scorsese film Gangs of New York, which the song was written for, during the final sequence and the closing credits.