The new single, which was released to digital retailers on June 26, is poised to debut in the top 40 on the Billboard Hot 100 chart next week.
Based on sales forecasts from industry sources, Billboard projects that the song may sell between 95,000 to 125,000 downloads by the end of the week on Sunday, July 1.
The Billboard Hot 100 ranks the most popular songs of the week in the U.S., based on sales, airplay and streaming data. The new Hot 100's top 10 will be released on Wednesday, July 4.
The early radio profile for "Good Time" likewise looks promising.
KKHH Houston leads all Pop Songs chart panelists with 39 plays in the past seven days (June 21-27), according to Nielsen BDS. Other early top 40 radio believers include WDJQ Canton, Ohio (37 plays in that span), KDWB Minneapolis (31) and WKSE Buffalo, N.Y. (23).
Through the first three days of the current Pop Songs building chart -- highlights of the final full-week version of the survey will be revealed Monday (July 2) on Billboard.com -- "Good Time" ranks at No. 36 with 446 plays (up 343), setting up a likely debut on the radio-based ranking when it's finalized.
"Good Time" follows Jepsen's smash single "Call Me Maybe," which rules the Hot 100 for a second week. It is also the year's third-biggest selling song, having sold 3.8 million downloads in 2012, according to Nielsen SoundScan. Gotye's "Somebody That I Used to Know" is tops (5.3 million) while fun.'s "We Are Young" is in second place (5 million).
"Good Time" is the third single that Owl City has released in less than two months, following "Shooting Star" and "Dementia." The latter two tracks were sent to top 40 and alternative radio formats, respectively, in mid-May. They were lifted from his "Shooting Star" digital EP.
However, Owl City's record label, Universal Republic, recently switched gears from promoting those two tracks to focus on "Good Time." Further, Universal Republic has teamed with Interscope Records, Jepsen's label, to work the track to radio. "Good Time," along with "Shooting Star" and "Dementia" will all be included on Owl City's upcoming album "The Midsummer Station," due out on Aug. 21.
Interscope's involvement with "Good Time" could lead one to think that the song will also appear on Jepsen's upcoming set, due in September. A track list for the still-in-the-works album has not been announced.
"Good Time" will mark the return of Owl City to the Hot 100 for the first time since "Vanilla Twilight" spent five weeks on the list in late 2009 and early 2010. Owl City previously notched a No. 1 hit with "Fireflies," which reigned for two weeks in November 2009.