BOX OFFICE REPORT (MARCH 8-10): 'Oz: The Great and Poweful' Conjures Up an $80M Opening Weekend

Did you hear that? That noise was a roomful of Disney execs letting out a huge sigh of relief. After the flop of John Carter and some original squishy tracking for Oz: The Great and Powerful, the film wound up being a box office smash, debuting to the third-highest March weekend in history. Unlike poor Taylor Kitsch who can't launch a franchise, James Franco has now proven that he's capable of doing just that. (Although, after the surprise success of Rise of the Planet of the Apes, I don't know why this was even a question.)

The weekend didn't go well for the other two new releases, with Colin Farrell's Dead Man Down only scrounging up $5.35 million and Tommy Lee Jones and Matthew Fox's Emperor just barely crossing the $1 million mark.

1. Oz: The Great and Powerful (N)
$80.23 million ($80.23 million)
Despite lukewarm reviews Oz: The Great and Powerful still managed to do blockbuster box office numbers, ensuring that Disney has a new franchise on its hands. In fact, plans for a sequel were already in motion before the movie opened.  In addition to the Marvel and Star Wars brands, the studio now has Oz to go along with Pirates of the Caribbean when it comes to live-action franchises. Will July's The Lone Ranger be another live-action success for Disney?

2. Jack the Giant Slayer (1)

$10.02 million ($43.81 million)

While Disney is churning out megafranchises, the other studios haven't been so lucky. Jack the Giant Slayer continued to disappoint for Warner Bros. in its second weekend. After a dismal opening weekend, the movie dropped 63 percent. A poor opening weekend combined with unfavorable word of mouth doesn't help a movie.

3. Identity Thief (2)

$6.32 million ($116.53 million)
Did anyone expect Identity Thief to be this successful? There's now talk of a sequel, and Melissa McCarthy fans will get to see the actress host Saturday Night Live again on April 6.

4. Dead Man Down (N)

$5.35 million ($5.35 million)
Man, Farrell just can't catch a break, can he? Fright Night, the Total Recall remake, Seven Psychopaths — no one wants to see his movies anymore. This was an actor who was once on the brink of massive stardom.

5. Snitch (4)

$5.10 million ($31.86 million)

Snitch may not have been a box office hit for The Rock, but G.I. Joe: Retaliation hits theaters in three weeks. I suspect we'll see that one at the top of the weekend charts.

Next week's predictions:

1. Oz: The Great and Powerful

2. The Incredible Burt Wonderstone

3. Identity Thief

4. The Call

5. Jack the Giant Slayer

SOURCE: Box Office Mojo