The Rings of Power season 2 brought the fantasy series back to Prime Video in August, with viewership dipping compared to season 1, which brought in 25 million viewers on its first day of availability.

A new report from THR now claims, however, that The Rings of Power season 3 has been in development for months, though Amazon hasn't yet officially given the show the green light. According to the report, Amazon is pleased with season 2's ratings, with the company revealing that 40 million people tuned into the show's first three episodes in their first 11 days of availability on the service.

Season 2 is poised to become a top 5 season for Prime Video, and, as a result, THR says that sources have expressed to them that the streamer still plans to end the show with season 5, as was outlined in Payne and McKay's original plan for the series.

What The Rings Of Power's Season 3 Update Means For The Show

Why Seasons 4 & 5 Of The Prime Video Show Are Likely

The rights alone for parts of J.R.R. Tolkien's The Lord of the Rings cost Amazon a whopping $250 million in 2017, and the investment in The Rings of Power as a whole has been reported to reach as high as $1 billion across five seasons. While Amazon isn't contractually obligated to make five seasons of the show, the company clearly sees the value of this IP. Plus, though viewership may be down in season 2 compared to season 1, The Rings of Power season 2 is still a strong performer on Prime Video overall.

The budget for season 1 is reported to be around $465 million, some of which went to laying the groundwork for future seasons. The show's move to the UK from New Zealand with season 2 should also help to bring down logistical costs moving forward.

If The Rings of Power season 3 is officially renewed and the ratings end up being similar to season 2's, it certainly seems likely that seasons 4 and 5 will follow. Reviews for season 2 have been generally more positive than those for season 1, but the audience response remains mixed. On Rotten Tomatoes, season 2 currently holds a strong 85% from critics and a 59% from audiences, both of which are bumps up from scores for season 1, as seen in the chart below.

What The Rings Of Power Season 3 Would Be About

How Season 2 Is Laying The Groundwork For What's To Come In Middle-earth

Warning! Minor spoilers ahead for The Rings of Power season 2, episodes 1 – 5.

Thus far, season 2 has been all about the creation of the titular rings and their growing negative influence. Galadriel herself is shown to not be impervious to their corrupting powers as she wears her new ring, Nenya. Wearing the disguise of Annatar, Sauron has manipulated Celebrimbor (Charles Edwards) into crafting Ring of Power for the Dwarves and the Elves, and the next phase of his plan is to make rings for Men. Peter Mullan's King Durin in The Rings of Power season 2, episode 5, is shown to be particularly affected by his ring, making him more greedy.

If the nine rings for Men are created before the season 2 finale, season 3 could see things in Middle-earth grow darker still as more characters realize that Sauron has deceived them.

The growing power of Sauron and the rings will likely be a major focus in season 3 as well. Currently, only select characters like Elrond (Robert Aramayo) and Prince Durin (Owain Arthur) are really aware of just how damaging these rings can be, but that number is sure to grow before the season has concluded. Celebrimbor, for example, in episode 5, is coming to realize the gravity of what and he Annatar have created.

If the nine rings for Men are created before the season 2 finale, season 3 could see things in Middle-earth grow darker still as more characters realize that Sauron has deceived them. While probably not something that will occur in season 3, the show is laying the foundation for the Last Alliance of Elves and Men, with that climactic battle against Sauron ending the Second Age, as is seen in the prologue of The Lord of the Rings: The Fellowship of the Ring.

Our Take On The Rings Of Power Season 3

Will Amazon's Investment Pay Off?

Overall, it's hard to judge exactly how The Rings of Power season 2 has been received, as there is a particularly vocal community committed to creating a sense of negativity around the show online. While Rotten Tomatoes scores can be useful, viewership for season 2 as a whole, which will hopefully become clearer after the finale, will be able to provide a better idea of how big the fan base for the Prime Video series actually is. The viewers who stick around for all of season 2 are probably pretty likely to return for season 3 and beyond.

Though numbers for season 2 are promising and would be a stellar result for a show operating at a normal budget level, the massive investment in The Rings of Power means the bar for success is very high. Per-season budgets should presumably be lower after season 1, but whether Amazon's big gamble on The Rings of Power will pay off in the long-term remains a question mark.

New episodes of The Lord of the Rings: The Rings of Power season 2 release on Thursdays on Prime Video.

Key Background

• Amazon's original pitch for the television rights to J.R.R. Tolkien's "The Hobbit" and "The Lord of the Rings" novels was to make the series a new adaptation of the latter, effectively a retelling.
• The series is still the most expensive TV show in history, with Amazon spending at least $1 billion on its production.
• The series is slated to run for at least five seasons.

Source: THR