Amazon Prime Video’s The Lord of the Rings: The Rings of Power emerged onto screens in 2022 to a decidedly mixed reception, but reports show that Amazon is far from done with its high-budget fantasy show. Amazon was seeking its own version of Game of Thrones, or a water-cooler show – something people would talk about on their work breaks by the water cooler, as per the term’s origins. Game of Thrones had a unique impact on TV, bringing fantasy to a mainstream TV audience just like The Lord of the Rings popularized fantasy in mainstream cinema in the 2000s. But Rings of Power season 2 is proving a unique value all its own, carving out a distinctive position in streaming.

While Rings of Power faced criticism for its writing and diversions from Tolkien’s story, it has shown signs of massive success. The Lord of the Rings has a notoriously protective fandom, which became clear in the aftermath of Peter Jackson’s Lord of the Rings and Hobbit movies. A lot of Tolkien fans are particularly resistant to unfaithful adaptations, which actually helps to keep standards in production high. However, audience reactions being so diverse and including a lot of disapproval may obscure the reality, which is that Rings of Power is doing very well, and will likely keep doing so.

The Rings Of Power Report Suggests Amazon Has Faith In The Rings Of Power

Amazon Will Likely Run The Show For Five Seasons

Amazon seems intent on continuing with The Lord of the Rings: The Rings of Power, despite not having officially greenlit a third season. A new exclusive from The Hollywood Reporter revealed that production of Rings of Power season 3 has been underway for months. Amazon hasn’t renewed season 3 yet, but it seems like this may just be a technicality. Amazon reported, according to the exclusive, that it is happy with viewership figures for The Rings of Power in its second season. This makes sense because figures compare favorably to competitors.

The Lord of the Rings: The Rings of Power seasons 1 and 2 are streaming on Amazon Prime Video, with new episodes out every Thursday.

The Rings of Power accrued over 40 million viewers over the first 11 days of the broadcast of season 2, which covered 4 episodes. This could be compared to House of the Dragon, which secured 7.8 million viewers for episode 1 and 8.1 million viewers for episode 4. House of the Dragon’s episode 4 viewing figures were its series high. More detailed viewing figures aren’t available for either show, but what information is available paints a very positive picture of The Rings of Power. It is unsurprising that Amazon has faith in its Second Age Middle-earth show.

So Many Of The Rings Of Power’s Best Stories Won’t Happen Until The Later Seasons

Rings Of Power Has Its Best Years Ahead Of It

The Lord of the Rings: the Rings of Power is telling one of Tolkien’s most glorious stories, but it hasn’t necessarily got to the best bits yet. The relationship between Celebrimbor and Annatar blossoming is proving to have dark, devious, and juicy layers, and that alone is worthy of a TV show. However, the show’s titular focus is the reason for its existence, and it has only really just started to home in on it. Rings of Power season 2 is becoming more and more Tolkienian in its focus on the forging of Sauron’s Rings of Power and the flawed Elves that allow it to happen. This is the core of the Second Age.

With the three Elvish Rings of Power having finally been forged in The Rings of Power season 1 finale, season 2 has excitingly divvied out Dwarf-rings. Perhaps most excitingly of all, the Ring-wraiths’ Nine are to come. When Sauron chooses the recipients of the nine rings for Men, audiences will get to see an unprecedented and creatively devised origin story for the Nazgûl. It only gets better from there, with the fall of Númenor likely in Rings of Power season 3, and the series to end with the War of the Last Alliance. After all, showrunners promised a five-season version of The Fellowship of the Ring’s prologue (via Time).

Amazon Has Invested Too Much In The Rings Of Power To Stop Now

Amazon’s Investment Should Pay Off

Amazon has spent more on Rings of Power than any other show in its history, and it is very unlikely that it will back out of this investment now. In fact, Rings of Power is the most expensive TV show ever made. Rights cost Amazon $250 million, with the budget for season 1 reported as $465 million (via Screen Rant). With a $1 billion price tag – minimum – attached to the show, the show will be deeply embedded into Amazon’s business strategy. Amazon reduced its marketing budget for the show’s second season, as is standard practice, which will help create positive ROI. Amazon is also making money from the uptick in Lord of the Rings products being sold on Amazon’s marketplace.

Amazon is far more likely to proceed with reaping the rewards of increased subscribers from the show on an ongoing basis than it is to quit, with the former far more likely to generate ROI. Bailing on the show would demonstrate a lack of confidence to investors, which could be a terrible move for Amazon. There’s currently no reason why Amazon would change its strategy in this department, as it has seen year-on-year growth since 2022 (via CIRP). Viewing figures were reported to have dropped between Rings of Power seasons 1 and 2, but this is normal.

Game of Thrones figures actually rose throughout its consecutive seasons, but the show captured a unique moment in the zeitgeist of popular culture, and situations like that aren’t around every corner. Having fewer viewers in the show’s first season is far from a red flag, and in fact, 40 million viewers in 11 days is a good sign. Amazon’s Fallout amassed 65 million viewers in 16 days, so there is evidently room for improvement on Amazon’s part (via Variety). However, if J.D. Payne and Patrick McKay can keep telling the right stories and nailing a fragile balance between character development and faithfulness to the texts, then The Lord of the Rings: the Rings of Power stands to be a long-term asset to the Amazon.