By Grady Smith
March 09, 2013 at 07:40 PM EST

Disney’s $215 million tentpole Oz: The Great and Powerful took off down the yellow brick road on Friday, earning an impressive $24.1 million in its first day. The Sam Raimi-directed film is headed to a huge weekend in the $80 million range, meaning Oz‘s debut will be the strongest opening since The Hobbit’s $85.8 million bow in December. Worldwide, Oz is all but guaranteed to do gangbusters.

Meanwhile, last weekend’s “champ,” Jack the Giant Slayer, tumbled by 67 percent into second place with $2.5 million. The disastrous release, which New Line says cost $185 million (though, industry chatter suggests an even higher budget), may earn about $9 million in its sophomore weekend, giving Jack an anemic $43 million after ten days.

Oz wasn’t the only new release this weekend, but it may as well have been. FilmDistrict’s Dead Man Down, a revenge thriller starring Colin Farrell and Noomi Rapace, was very much dead on arrival. The film earned a puny $1.8 million on its opening day — the same amount Identity Thief grossed on its fifth Friday. Dead will find just over $5 million for the weekend.

Check back tomorrow for the full box office report.

1. Oz: The Great and Powerful – $24.1 million

2. Jack the Giant Slayer – $2.5 million

3. Dead Man Down – $1.8 million

4. Identity Thief – $1.8 million

5. 21 And Over – $1.6 million

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