When released as Lifehouse's first single off their fourth album in 2007, "First Time" only peaked at 26 on the Hot 100 and did decently on AC/HOTAC, but wasn't as big a smash as their older song "You and Me," which is now an iconic wedding song.
So why didn't this song take off like it could've? It's relatable, anthemic, came from a reputable/recognizable band, and had all of the makings of a future classic.
It's very derivative of Hanging By a Moment and that style was not really popular anymore in 2007. That being said You and Me and Hanging By a Moment were MASSIVE, so even though this one got overshadowed it still performed pretty decently.