Amazon's pricey 'Lord of the Rings' show saw only 37% of viewers complete the series, a new report says

• Amazon's "The Lord of the Rings: The Rings of Power" is believed to be the most expensive television series ever made.
• It reportedly took almost $500 million just to produce the first season.

Amazon's "Lord of the Rings: The Rings of Power" is believed to be the most expensive television series ever produced, reportedly swallowing nearly $500 million for its first season. Yet recent data on the series's viewership suggests that it may not have been a blockbuster hit.

"The Rings of Power" series reportedly only had a 37% percent completion rate, according to a report from The Hollywood Reporter published Monday — meaning that far less than half of its viewers finished the series. THR noted that the figure was confirmed by unnamed sources, but didn't offer more details.

The series fared better overseas, with a completion rate of 45%, according to THR's sources. Still, that means both domestically and internationally, less than half of viewers who began "The Rings of Power" actually completed the series.

THR noted that Amazon held information more closely than usual on the "The Rings of Power" series. However, streaming data from Nielsen released last year suggested that the show also struggled to connect with younger viewers. Approximately, 71% of those who viewed the series through the fourth episode in the US were over the age of 35.

Nevertheless, THR noted that Amazon Studios Chief Jen Salke deems the series a success. "This desire to paint the show as anything less than a success — it's not reflective of any conversation I'm having internally," Salke said in THR's report.

Amazon Studios' original shows have generally been outpaced in viewership by competitors like Netflix, THR said. In 2022, the 10 most popular original streaming series in terms of minutes watched were made by Netflix, THR said, citing data from Nielsen. Meanwhile, "The Rings of Power" clocked in 15th on that list, THR noted.

That's not to say Amazon Studios hasn't had hits, which include shows like "Transparent," "The Marvelous Mrs. Maisel," and "Fleabag," THR noted.

Still, THR's report noted that current and former Amazon executives, as well as showrunners and agents at Amazon Studios say that Amazon Studios is "confusing and frustrating place to do business." One showrunner told THR that "there's no vision for what an Amazon Prime show is."

Amazon executives and other entertainment industry stakeholders previously told Insider that Amazon Studios faced challenges with unclear creative direction, leadership shifts, and tech bureaucracy that threatened to drive away staff and Hollywood creative talent.

Another showrunner described a nebulous corporate hierarchy to THR. "I couldn't honestly tell you who reports to whom. It keeps changing," the showrunner said.

Amazon Studios did not immediately respond to Insider's request for a comment.