Great news for Paramount, their newest flick G.I. Joe: The Rise of the Cobra opened in the number one spot this weekend with an impressive $56.2 million domestically and $44 million overseas. It managed to gross $22.3 million on Friday, making it the highest opening day for a non-sequel in August. Despite it's mainly negative reviews from critics (38% on Rottentomatoes), G.I. Joe has proved to be a hit with audiences. Most moviegoers are responding well to the film, describing it as good popcorn fun.

G.I Joe earned an estimated $18.25 million on Saturday, suffering a drop of 18% from Friday. Most films usually experience a surge in attendance on a Saturday, but it looks like a lot of the fans came out to support G.I. Joe on its opening day. Its production budget is an estimated $170-$175 million, and factoring in promo & ad spending, the film will have to earn over $300 million to be considered a financial success to Paramount. Films usually only keep around 55% of their final box office take, but G.I Joe should do very well overseas and on DVD rentals and sales as well (not to mention merchandising).

We were also treated to some counter-programming this weekend, with Meryl Streep's newest film Julie & Julia. It opened with a cool $20.1 million and should have have strong staying power for weeks to come. Unsurprisingly, Meryl Streep's portrayal of Julia Child is being praised by critics and audiences alike.

A Perfect Getaway was not so fortunate. The film made a measly $5.8 million despite a hefty promo campaign. The film had mixed reviews, but its leads, Milla Jovovich and Steve Zahn, do not have much drawing power. On the bright side, Getaway's production budget was only $15 million, so it will most likely break-even, and even turn a profit after it gets released on DVD. Funny People experienced a huge drop from last weekend, earning only $7.9 million in its second weekend. It's fading quickly and it will be at your local Blockbuster pretty soon.

On the upside, Fox Searchlight's (500) Days of Summer expanded to just over 550 theaters this weekend, on made an estimated $3.7 million this weekend. Audiences are loving it and word of mouth is really helping this film become a hit. Please sign up and write your reviews to prove the critics either wrong or right! Be sure to check back for studio estimates tomorrow.

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