"Good Time" has attained commercial success worldwide, reaching No. 1 in Canada, New Zealand and South Korea, while peaking inside the top ten in United States, Japan, United Kingdom, Netherlands and other countries.
On June 14, 2012, Adam Young announced via Twitter that he would be collaborating with Carly Rae Jepsen on a new song, claiming that it would be released on June 26, 2012. On June 20, 2012, he released the single "Good Time" via his SoundCloud account. The song was released on iTunes on June 26, 2012. "Good Time" was written by Matt Thiessen, Brian Lee, and Young himself. On August 23, 2012, the song became available in the United Kingdom before the official single release as a digital download on iTunes from Owl City's album The Midsummer Station. An acoustic version of the song was released in 2013 on Owl City's The Midsummer Station - Acoustic EP.
It received generally positive reviews from critics, including Billboard: "It only makes sense that he's joined by Jepsen...[on] a track that could become a radio staple for the rest of the summer," and Entertainment Weekly: "'Good Time' goes down easier than a frozen margarita at a beachfront tiki bar." On his site The Re-View, British critic Nick Bassett referred to the song as "an uplifting, out and out pop duet which will most definitely ensure that neither artist has to settle for a 'one hit wonder' tag."
Slate's Forrest Wickman also called it a "worthy successor" to "Call Me Maybe". He pointed to how "the song opens with a familiar story, and then subverts it, by removing anything that's not squeaky clean." Like Kesha in "TiK ToK," the singer begins the song waking up after a night of hard partying, in his clothes with a song by Prince inside his head. But unlike them, Wickman observes, he's "on the right side of the bed", not hung over, and ready to go out again the next evening. "When a children's choir is tossed in at the end, it's a bit gratuitous, but in this wholesome song why not," he concludes. "'Good Time' is a guilty pleasure, without the guilt."Rolling Stone called the song "mediocre".
In the US, the song debuted at No. 32 on the US Pop Songs chart, and No. 18 on the Billboard Hot 100, for the week dated July 4, reaching No. 8 a few weeks after. The song is the second to make the top ten on the chart for both artists; Owl City's first top ten single since "Fireflies", as well as Carly Rae Jepsen's first top-ten single since "Call Me Maybe", making Jepsen one of the few artists in history to have two top ten songs in the same week. It sold a million in the United States by Aug 29, 2012, and was certified double-Platinum by the RIAA. It has sold 2,249,000 copies in the US in 2012.
In Canada and New Zealand it peaked at No. 1, becoming Owl City's first number-one single and Jepsen's second in both countries. The song debuted at No. 17 on the UK Singles Chart on Aug 26, 2012. The song charted before the single release due to the song being available from Owl City's album, The Midsummer Station. It rose to No. 5 the following week, becoming Owl City's first top 5 UK hit since 2010's "Fireflies".
The music video begins with Jepsen waiting by her Fiat 500 in front of an apartment when her friends then come out and join her. They then drive away from the haze of New York City. As they drive away, the video alternates between shots of Jepsen and Young with his own group in a Mercury Cougar as they drive down a forest road. They eventually meet up at a small cabin-like building and start drinking slushies. As Jepsen's verse starts, she is shown walking through the forest with other shots of the rest of the group walking and coming to a campground. Once the hook and chorus begin, Young is seen by a lake, along with other shots of Jepsen and the rest of the group. As the sky darkens, they start dancing around a bonfire. The video concludes with shots of the group dancing and partying through the night.
In October 2012, Alabamasinger-songwriterAllyson Nichole Burnett filed a copyright infringement suit authored by attorney Neville Johnson in Californiafederal court against Jepsen and Young as well as several publishing companies and performing rights groups. She claimed that Young, Matt Thiessen and Brian Lee copied a prominent motif of her 2010 song, "Ah, It's a Love Song". Burnett's song is in an F key while "Good Time" is in the key of E flat, but there are also other similarities with both of these songs, including an identical pitch sequence (5-3-5-3-2), melodic contour (down, up, down, down), rhythmic construction (8th rest, 8th note, 8th note, 8th note, 8th note, 8th rest, quarter note), timbre (textless vocals) etc. Burnett was also suffering "emotional and psychological damage" from fans asking why she copied the song, although there isn't any specific cause of action pinned to her distress.
In January 2014 Jepsen's music publishing company BMI reached an agreement with Burnett to place over $800,000 in royalties in an escrow account for the plaintiff's benefit. In return, Burnett agreed to drop her lawsuit.
In June 2014 the suit was dropped after an investigation revealed the song to be an original work, the royalties in escrow were returned to both, with Owl City receiving $525,901.77 back.