Despite a slew of new movies opening on Christmas Day, The Hobbit: The Desolation of Smaug is projected to outsell them all at the box office this weekend.

Based on five-day totals (Wednesday-Sunday), The Hobbit: The Desolation of Smaug is expected to rake in $49.2 million over the holiday weekend. The second installment in the Hobbit franchise has been out in theaters since Dec. 13.

Followed closely behind The Hobbit is Disney's winter-themed animated feature Frozen. The popular animated film took advantage of a family-friendly weekend at the box office and is expected to gross an additional $41.6 million, coming in at no. 2.

In its first week of release, Anchorman 2: The Legend Continues is expected to peak at no. 3 this weekend with estimates at $35.8 million. The comedy sequel starring Will Ferrell opened on Dec. 18 and has grossed about $84 million thus far.

Awards contender The Wolf of Wall Street, starring Leonardo DiCaprio as a corrupt stockbroker, is projected to debut at no. 4 this weekend with 34.5 million. The film, which reunites director Martin Scorsese with DiCaprio, opened on Christmas Day.

Another big awards contender American Hustle expected to finish strong this weekend at no. 5, with early estimates putting it at $32.1 million for the five-day weekend. The film's all-star cast (Jennifer Lawrence, Bradley Cooper, Amy Adams, Christian Bale) in addition to rave reviews have made it a hit with audiences.

The Secret Life of Walter Mitty, starring Ben Stiller as an office worker dreaming of a more exciting life, may debut with a slightly disappointing total. The movie, which opened on Christmas Day, is expected to gross $24.9 million.

Disney's Saving Mr. Banks, about the acquisition of the Mary Poppins story, is projected to hold strong at no. 7 with a $23.4 million gross. The film stars Tom Hanks as Walt Disney and Emma Thompson as Mary Poppins author P. L. Travers.

Rounding out the top 10 are Keanu Reeves' new film 47 Ronin ($20.3 million), The Hunger Games: Catching Fire ($15.2 million) and Grudge Match ($12.9 million).