Amazon will finish The Rings of Power: insider reveals the future of the most expensive series in history

According to Lesley Goldberg of The Ankler, the series will run its full planned course — five seasons and 50 episodes — as originally agreed in Amazon’s contract with the Tolkien estate, HarperCollins, and New Line Cinema according to the report. Spin-offs are no longer planned due to the massive costs of the main series.

Bezos remains the project’s key supporter within the company. “It’s still under Bezos’ magical aura,” a source said. Peter Friedlander, head of global television at Amazon MGM Studios, personally visited the London set and reassured the creative team that the story will be told to completion. Filming for Season 3 wrapped in December 2025, with a premiere expected in late 2026 or 2027.

Financially, the show is staggering even by industry standards. Including rights, production, and marketing, The Rings of Power could become the first TV series in history to surpass $1 billion in total cost. However, viewership has fallen short of expectations: only 37% of U.S. viewers finished Season 1, and Season 2 drew even fewer viewers overall — though its completion rate was higher. If Amazon were to cancel the show early, it would owe the Tolkien estate $20 million for each unproduced season.

Season 3 will focus on the forging of the One Ring — the central event of the Second Age of Middle-earth. The series has been airing on Prime Video since September 2022, with the first two seasons already available.

Both released seasons sparked a polarized reaction. Critics responded positively to Season 1 (83% on Rotten Tomatoes), while audiences were far harsher, with the score dropping to 38%, partly due to review bombing. Season 2 showed improvement: critic scores rose to 84–92%, and audience ratings climbed to 67–69%. However, the same criticisms remain — slow pacing, heavy dialogue, and a loose approach to Tolkien’s source material. Visually, though, the show has consistently impressed: Middle-earth looks exactly as a near-billion-dollar production should.

The Lord of the Rings universe is also expanding beyond the series. In December 2027, The Lord of the Rings: The Hunt for Gollum will be released, directed by and starring Andy Serkis, with Ian McKellen returning as Gandalf.

Following that, Peter Jackson has announced another film, The Lord of the Rings: Shadows of the Past. Surprisingly, it is co-written by Stephen Colbert, a well-known Tolkien fan. The film will adapt six chapters from The Fellowship of the Ring that Jackson previously left out — including the long-requested Tom Bombadil. The story takes place 14 years after Frodo’s death, following Sam, Merry, and Pippin as they retrace their original journey.

Will you stick with the show through its final fifth season — or have you already dropped it? Let us know in the comments.