The movie was projected to bring in at least $40 million in its first weekend of release. Despite falling short, "IF" managed to secure the top spot at the box office.

Heading into the weekend, initial estimates predicted a $30 million opening for "IF" based on Friday's turnout. However, the projections were revised upward after a strong Saturday showing. In addition to its domestic earnings, the film collected an additional $20 million overseas, bringing its global total to $55 million.

Produced and written by Krasinski himself, "IF" follows the story of neighbors Cal and Bea, portrayed by Ryan Reynolds and Cailey Fleming, who possess the unique ability to see other people's imaginary friends. The star-studded voice cast includes Steve Carell, Matt Damon, Maya Rudolph, Emily Blunt, Bradley Cooper, Jon Stewart, and George Clooney.

While the audience reception has been positive, with the film receiving an "A" CinemaScore, critical reviews have been mixed. With a 50% rating on Rotten Tomatoes, Variety's Tomris Laffly described "IF" as "a sweetly old-fashioned yet messily conjured children's tale that sadly falls short of its thematic ambitions."

Despite its lukewarm start, Paramount Pictures, the distributor of "IF," is hoping for the film to have staying power similar to recent successful original kid-friendly movies like "Migration" and "Elemental." However, the upcoming release of Sony's animated "The Garfield Movie" presents a challenge for "IF" as it competes for family audiences next weekend.

The box office industry as a whole continues to struggle, with a 22% deficit compared to 2023 numbers and a 42% decline from the same period in 2019, according to Comscore. Movie theater owners are eagerly awaiting a boost in attendance during the Memorial Day weekend with the release of highly anticipated films such as "Furiosa: A Mad Max Saga" and "The Garfield Movie."

In other box office news, Lionsgate's horror film "The Strangers: Chapter 1" surprised industry experts by surpassing expectations with a $12 million opening weekend. The film, which cost $8.5 million to produce, proved to be a profitable endeavor despite negative reviews from both audiences and critics.

Additionally, the Amy Winehouse biopic "Back to Black" opened to a disappointing $2.85 million from 2,010 venues. Despite dismal domestic earnings, the film has already grossed $37 million overseas. "Back to Black" provides an intimate look into the life and career of the late British singer-songwriter, Amy Winehouse.

As the domestic box office continues to face challenges, industry experts are eagerly awaiting potential over-performers to revive the summer movie season. Films like Reynolds and Hugh Jackman's "Deadpool & Wolverine," the fourth installment of the "Despicable Me" franchise, and Disney and Pixar's "Inside Out 2" are set to hit theaters later in the summer, with hopes of generating much-needed revenue and filling seats at multiplexes.

Despite the subdued early summer lineup, there remains optimism that a breakout hit could help the industry regain its pre-pandemic box office levels. As David A. Gross of movie consulting firm Franchise Entertainment Research pointed out, "We continue to trail pre-pandemic box office levels by a wide margin, and comparisons are not going to get easier as we move into the heart of summer."

With "IF" falling slightly short of expectations, the box office will rely on upcoming releases to provide a much-needed boost and help steer the industry toward recovery.