The $808 Million Gamble: 'The Rings of Power' is a Flop Or Foundation?
When Amazon secured the rights to adapt J.R.R. Tolkien’s Middle-earth in 2017, it embarked on what was poised to be one of the most ambitious projects in television history. The series, The Rings of Power, promised to transport audiences back to Tolkien’s Second Age of Middle-earth, a period teeming with legendary battles, epic alliances, and the rise of evil in the form of Sauron. Backed by an astronomical budget of over $808 million for its first two seasons and a five-season plan that could cost Amazon more than $1 billion, the stakes could not have been higher. Yet, despite its grand ambitions, the series has faced a mixed reception. The question remains: Is The Rings of Power a misunderstood masterpiece or an expensive lesson in the limits of ambition?
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.
WATCH FIRST SEASON TRAILER HERE: The Rings Of Power S1
WATCH SECOND SEASON TRAILER HERE: The Rings Of Power S2
Amazon's Monumental Investment: Rewriting TV Budgets
Amazon’s acquisition of the Tolkien rights for $250 million was unprecedented, but it was just the opening act in a saga of record-breaking spending. Season 1 alone came with a $465 million production cost, making it the most expensive single season of television ever created. This budget covered everything from expansive location shoots in New Zealand to the intricate design of Númenor’s cityscape and the use of state-of-the-art visual effects. For context, this figure dwarfs the $90 million spent on the entire final season of HBO’s Game of Thrones.
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.
Season 2, which premiered in August 2024, added to the series’ financial heft, pushing the combined cost of the first two seasons to approximately $808 million. Amazon moved production from New Zealand to the United Kingdom in an effort to cut costs, but the show’s global scale ensured that expenses remained high. These costs don’t even factor in the extensive marketing campaigns, which saw ads plastered across billboards, streaming platforms, and major global events like Comic-Con. By the time Season 1 aired, Amazon had already invested over $715 million.
Amazon’s goal wasn’t just to create a series but to establish a multimedia franchise capable of rivalling Star Wars or Marvel’s cinematic universe. The series was intended to be a cornerstone for Prime Video, attracting millions of subscribers and cementing its place in the streaming wars. But this strategy also set impossibly high expectations for its success.
Tip: 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.
A Record-Breaking Premiere That Made History
When The Rings of Power premiered on September 1, 2022, it shattered records for Amazon Prime Video. Over 25 million viewers tuned in within the first 24 hours, making it the platform’s most-watched debut to date. The series’ global reach, spanning over 240 countries and territories, highlighted Amazon’s efforts to make this a worldwide cultural event. The simultaneous release of episodes, coupled with glitzy premiere events in major cities like Los Angeles, London, and Mumbai, underscored the scale of the launch.
Season 2, which premiered on August 29, 2024, also attracted millions of viewers, with reports suggesting an estimated 40 million viewers within the first 11 days. While these numbers are impressive, Amazon refrained from releasing detailed analytics, prompting speculation about whether the show maintained the momentum of its debut season. Critics noted that while curiosity drove initial viewership, retention would prove to be the series’ Achilles’ heel.
The Viewer Retention Problem: Where Curiosity Fizzled
Despite its record-breaking start, The Rings of Power struggled to retain its audience. According to third-party analytics, only 37% of U.S. viewers and 45% of international viewers completed the first season. These numbers, though better than some other streaming series, were a worrying sign for a show of this scale and budget.
One of the key issues was the series’ pacing and narrative structure. The show’s ambition to juggle multiple storylines across Númenor, the Southlands, Khazad-d?m, and the Harfoots resulted in a fragmented narrative that left many viewers disengaged. The absence of a central protagonist further compounded the issue, making it difficult for audiences to connect emotionally with the sprawling ensemble cast.
Additionally, the decision to condense Tolkien’s vast Second Age timeline into a single generation alienated purist fans, who felt that the series sacrificed depth and authenticity for accessibility. Meanwhile, newcomers to the franchise found the dense mythology overwhelming, with many struggling to keep up with the show’s intricate world-building. This dual challenge of satisfying both die-hard fans and casual viewers created a disconnect that ultimately hurt the series.
A Visual Masterpiece with Narrative Shortcomings
On a purely visual level, The Rings of Power is a triumph. The series delivered jaw-dropping depictions of Middle-earth, from the gleaming spires of Númenor to the haunting beauty of Khazad-d?m. Each frame felt meticulously crafted, showcasing the immense care and resources poured into the production. Critics widely praised the show’s cinematography and production design, calling it a feast for the eyes and a new benchmark for television visuals.
However, the narrative failed to match the visual spectacle. Critics and fans pointed to inconsistent character development, with some story arcs feeling rushed while others meandered without resolution. Galadriel, reimagined as a warrior on a quest for vengeance, became a lightning rod for criticism. While some viewers praised her complexity and agency, others felt her characterization strayed too far from Tolkien’s depiction of the serene and wise Elven leader.
Season 2 attempted to address these issues by narrowing its focus and investing more in character-driven arcs, particularly those involving Elrond and Durin. While these changes earned the show a slight improvement in its Rotten Tomatoes score—from 71% in Season 1 to 84% in Season 2—many felt the series still struggled to find its narrative footing. (Rotten Tomatoes Ratings)
Divided Fan Reception: A Tale of Two Audiences
The reception to The Rings of Power has been deeply polarized. Among Tolkien purists, the series faced criticism for its deviations from established lore, including the introduction of original characters like Halbrand and significant timeline alterations. Social media platforms became battlegrounds for debates over whether the series respected Tolkien’s vision or prioritized mainstream appeal.
Conversely, casual viewers and newer fans found much to admire in the show’s modern sensibilities. The casting of actors from diverse ethnic backgrounds, including Ismael Cruz Córdova as Arondir and Sophia Nomvete as Disa, was widely praised for bringing fresh perspectives to Middle-earth. For many, these choices represented a step forward for inclusivity in the fantasy genre.
Yet, even among its supporters, the show struggled to escape comparisons to HBO’s House of the Dragon, which premiered around the same time. While House of the Dragon captivated audiences with its tightly written political intrigue and compelling character dynamics, The Rings of Power often felt sprawling and unfocused.
Amazon’s Billion-Dollar Gamble: Looking Ahead
Amazon’s commitment to The Rings of Power extends far beyond its first two seasons. With three more seasons already greenlit, the company is doubling down on its investment, with total costs projected to exceed $1 billion. Bezos himself has described the series as a cornerstone of Prime Video’s long-term strategy, emphasizing its potential to become a cultural cornerstone akin to Star Wars.
Season 3 is currently in production, with showrunners J.D. Payne and Patrick McKay promising to delve deeper into Tolkien’s lore and deliver the epic battles and high-stakes drama fans expect. Upcoming seasons aim to explore major events like the rise and fall of Númenor, the forging of additional Rings of Power, and the climactic Last Alliance of Elves and Men. However, with the stakes higher than ever, Amazon faces immense pressure to deliver a product that lives up to its promise.
Flop or Foundation? A Legacy Still in the Making
Labeling The Rings of Power as the biggest flop in television history oversimplifies a complex narrative. While the series has undeniably faced challenges in audience retention and critical reception, its achievements—particularly its visual accomplishments and global reach—cannot be ignored. For a show of this scale, even small missteps are magnified, but its successes still provide a foundation for growth.
Ultimately, the true test of its legacy will lie in its ability to adapt and improve. If future seasons can address the criticisms and deliver the emotional depth and narrative cohesion that audiences crave, The Rings of Power could yet secure its place as a landmark achievement in television history. For now, it stands as a bold experiment in ambition and a testament to the risks and rewards of redefining the limits of storytelling.