Mahesh Bhatt's Raaz set the box office at fire. This Dino Morea-Bipasha Basu starrer was watched everywhere, making rarity at a time when everyone cynical forecasters of doom were wrighting bollywood's sepitaph every week. 

The successes of national blockbusters like a Hum Saath - Saath Hain [nett gross rs. 42 crore ], Biwi No.1 [nett gross rs. 29 crore] (1999) and or a Kaho Naa... Pyar Hai [nett gross rs. 45 crore] (2000) appear like celluloid dreams today. In 2001, Gadar Ek Prem Katha [nett gross rs. 76 crore] was the only universal blockbuster hit. But even the critically acclaimed Lagaan [nett gross rs. 28 crore] failed to be strong in centres like Punjab and Bihar, although it did remarkably in many other centres: and overseas of course. In 2002, the solitary universal hit was Raaz [nett gross rs.25 crore] although there were other films which made a mark in the commercial mart: say Style which Adarsh points out did "pretty well without being a major hit" and Mere Yaar Ki Shaadi Hai which did "quite well in Mumbai but average elsewhere". Devdas may have done a good business of rs.28 crore but it cannot be considered as a hit due to it's humongous budget of rs. 50 crore. 

Why is the national hit not happening? Remarks leading distributor Shyam Shroff: "Well, everybody is searching for the secret formula. I think it is a matter of time." Different individuals who are reading into this nightmarish reality differently have their own perspectives to offer. Producer-director N Chandra singles out the DVD and VCD phenomena