The third Shrek movie has shattered the opening weekend record for an animated film after raking in over $122 million at the box office.

Shrek the Third has exceeded expert expectations by scoring the third-biggest opening of all time - easily taking over the number one spot from another second sequel, Spider-Man 3.

Analysts expected the film to gross between $80 million and $110 million, but the film streaked past the record set by Shrek 2 to make animation history.

Spider-Man 3, which set box office records earlier this month, slipped to number two with a healthy third-weekend take of $28.5 million.

Spider-Man 3 retains its title for biggest box office opening at $151.1 million, while Pirates of the Caribbean sequel Dead Man's Chest comes in second with $135.6 million.

The third Pirates film is set to challenge the record books when it opens in U.S. cinemas this Friday.