The Walt Disney Company's (DIS) - Get Report latest installment of its Pirates of the Caribbean franchise Dead Men Tell No Tales came out on top at the box office this Memorial Day Weekend, earning $77 million domestically, and looking to top $300 million worldwide by the end of the weekend.

Disney's Guardians of the Galaxy sequel is still going strong, holding on to its second place spot over the holiday weekend, worldwide the flick has earned $788 million, Variety noted. This tops the original Guardian's $773 million worldwide box office numbers.

One film that didn't make a splash this weekend was Paramount's (VIAB) - Get ReportBaywatch, earning only $23 million by the end of the weekend.

"It's crunch time for the industry after a lackluster May and a dismal Memorial weekend," Senior Media Analyst at ComScore Paul Dergarabedian told Variety. "The good news is that June looks to deliver the goods and no movie is better suited to lead the cavalry charge than Wonder Woman later this week. The pressure is certainly on for the final three quarters of the season to get us out of this downturn."

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