'DEATHLY HALLOWS' SCORES $24M IN MIDNIGHT SCREENINGS; IMAX SHOWINGS EXCEED 'TWILIGHT: ECLIPSE' (HWD)

By Paul Dergarabedian

UPDATE: "Harry Potter and the Deathly Hallows, Part 1" drew $24 million from its midnight screenings.

IMAX's 238 midnights did $1.436 million, which exceeded its previous midnight record on "Twilight: Eclipse," which did $1.034 million last summer.

EARLIER:

The beginning of the end is at hand as "Harry Potter and the Deathly Hallows Part 1" kicks off the two-part denouement of the most successful movie franchise of all-time. As if there is any doubt as to what will be the No. 1 film this weekend, Warner Bros.' latest release looks to conjure opening weekend numbers approaching $120 million and possibly higher and in the process set a new Potter record.

2005's "Harry Potter and the Goblet of Fire" is the only film in the series thus far to open in excess of $100 million having earned $102.7 million in its first three days. Off-the-chart audience awareness, midnight showings and a record number of IMAX screens, ensure that this weekend will see Potter Mania hit a fever pitch.

Paramount's release of Dreamworks' animated "Megamind" should take the second spot with around $18 million and a third weekend drop in the mid-30% range. Timing is everything and the film enjoyed two solid weeks at the top of the charts in a Potter-less marketplace and a voracious family audience hungry for kid appropriate moviegoing fun. As its crosses the $100 million mark this weekend, "Megamind" holds the distinction of being the first blockbuster of the 2010 holiday movie season.

In third expect last weekend's second place finisher "Unstoppable" from Twentieth Century Fox. Denzel Washington and Tony Scott have re-teamed for the fifth time in this runaway train action film that uses the director's signature visual style to full effect. The star power of Washington and his draw for older moviegoers means that this should have a modest sub-50% second weekend drop and bring the film to around $40 million by Sunday night.

Fourth place should belong to the Todd Phillips comedy "Due Date" which incidentally has been the No. 1 film in the international marketplace for the past two weeks. A likely drop in the mid-50% range will generate third weekend revenues in the sub-$10 million range with domestic revenues nearing the $70 million mark.

"Morning Glory" from Paramount should scoop up fifth place with a second weekend gross of around $5 million and a post-weekend total nearing $20 million. The Harrison Ford, Rachel McAdams romantic comedy debuted on a Wednesday and then took the fifth spot last weekend with $9.2 million and a first five day total of $11.8 million.

Comparisons to last year's comparable weekend will be very interesting considering that "Twilight: New Moon" posted the single biggest opening day gross in history with $72.7 million and went on to post the third biggest opening weekend of all-time with a whopping $142.8 million.

With the release of "Harry Potter 7," the holiday movie season will hit its stride and with just 7 weekends remaining, we aim toward the possibility of the first $11 billion box office year.