The show, which debuted in the 6.30pm to 7.30pm slot, remained well behind rivals including the regional news on BBC One, which generated an audience of 6.1 million and a 28.9% share of viewing, and the ITV1 national news, which had an audience of 4.2 million and a 20.1% share of total viewing.
The Channel 5 programme was also beaten by the documentary 'One Man and his Campervan' on BBC Two, which recorded 1.6 million viewers and a 7.7% share of total viewing. Teen soap 'Hollyoaks' on Channel 4 attracted 1.3 million and a 6.35 total audience share.
However, the average viewing figure still represents a lift for Channel 5 and suggests new owner Richard Desmond is making an impact.
Chris Hayward, trading director at ZenithOptimedia, said: "It’s early days, but if you consider that the five week average for that time slot is just over three hundred thousand and its first overnight figure has come in at 449,000, I think that the new owners of Channel 5 would be pretty pleased with that."
Northern & Shell's OK! Magazine spin-off replaces 'Live from Studio Five'. It is presented by Matt Johnson and former 'Apprentice' finalist Kate Walsh.
It was due to be presented by former 'Big Breakfast' stalwart, Denise Van Outen, but she dropped out just three days before following what is rumoured to have been a spat with Desmond.
The programme has also been promoted, both through editorial and advertising in Desmond's products including the Daily Express and Sunday Express newspapers and in OK! magazine.
Andy Benningfield, broadcast director at Maxus, said: "Despite being less than half a million it represents a 60% increase on the slot’s performance the week before, in which Zoo Days achieved a programme average of 262,000.
"To an outsider, such a lift can be read as a good thing, however I suspect Richard Desmond and co had higher hopes for it.
"However, despite the cross-promotions I didn’t really see that much hype beforehand. It could be viewed more of a soft launch that they hope to build over time, and in that sense, 400,000 is not a disaster.
"But the fact remains Home & Away, that 25 year old Aussie soap, had a million viewers in the slot immediately before it, so it’s disappointing more didn’t stay tuned for OK! TV."
Yesterday's episode kicked off with 'X Factor' judge Louis Walsh as the star guest, who revealed he would like music legends David Bowie or Paul McCartney to take any possible vacant posts on the talent show's judging panel.
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