The Rings of Power season 2 saw a steep drop in terms of total minutes watched, according to a new report. It’s not a great look for one of the most expensive TV series ever made.

Photo: Ross Ferguson/Prime Video

A new 2024 year-end report from streaming analytics company Luminate raised more than a few eyebrows when it released earlier this month. Among its many revelations (via Deadline) is the less-than-stellar data concerning major franchise streaming series released last year. According to the report, all Marvel and Star Wars series underperformed last year in terms of total minutes watched, including Echo and Agatha All Along, as well as the cancelled The Acolyte, when compared to previous streaming series in their respective franchises.

Also add to the list: The Rings of Power season 2, which saw a 60% drop in total minutes watched when compared to season 1, which itself reportedly struggled to retain viewers all the way through to its finale in 2022. While it’s true that season 2 was always going to struggle to reach the meteoric numbers of season 1’s early episodes, when anticipation and interest was at it’s highest for the blockbuster series, this is still a concerning downturn for an Amazon show which is also incredibly expensive to make and that has struggled to win over Lord of the Rings fans at large.

Let’s be clear here: Amazon is currently full steam ahead on The Rings of Power season 3. The show is still one of the most-watched series on Prime Video, with Amazon studio head Jennifer Salke saying in October that season 2 had been watched by over 55 million viewers (although it’s unclear how the company defines a viewer). Salke also said at the time that she expected season 2 to catch up to the first season, which had over 150 million viewers on the service.

The second season remained in the top five in Nielsen’s list of most-watched original streaming series during its run, with the three-episode premiere topping the list in its first week (although with a 19% drop when compared to season 1’s massive premiere). It was Prime Video’s third highest opening week in the U.S. behind the Fallout and The Boys season 4 premieres, according to THR.

Season 3 has also been in the works since last year. “The answer is yes, we’re very excited, but we can’t say anything other than we’re working on season 3,” co-showrunner Patrick McKay confirmed when Total Film asked for a status update in December. “We have a story we think is really strong, and we’re hoping to turn it around as fast as possible.”

The Rings of Power is planned as a five-season series with an estimated price tag of $1 billion. According to a report from THR in September, Amazon is still committed to that plan. Yet, it’s hard not to wonder what could happen if season 3 continues the downward trend in terms of how much time the audience is spending actually watching the series. With such a high production cost on the studio’s budget sheet, could the plan eventually change if the number of people watching and how long they’re watching becomes untenable?

“This desire to paint the show as anything less than a success—it’s not reflective of any conversation I’m having internally,” Salke told THR in 2022 in response to a similarly concerning viewership report stating that less than 50% of viewers had finished season 1. At the time, Salke promised a second season with “more dramatic story turns,” and overall, the story did go over better with viewers, with a 49% audience score on Rotten Tomatoes versus season 1’s 38%. An improvement, but still not stellar for a $1 billion series set in one of the most beloved fantasy worlds in pop culture.

The season 2 finale set the stage for the wars to come, with Sauron now in control of the forces of Mordor and the nine rings of power for Men, and the Elves regrouping and planning to take the fight back to the Dark Lord. This all sounds like the setup for an excellent third season—and, if viewers show up, fourth and fifth seasons, too.

Lord of the Rings: The Rings of Power is streaming now on Prime Video.