The Lord of the Rings: The Rings of Power is reportedly on-track to run for five seasons, with the $1 billion Prime Video show said to be still under the protection of Amazon boss Jeff Bezos’ “magical halo.”
A new report from Lesley Goldberg in The Ankler shines a light on Amazon’s vision for Prime Video, which is seemingly still in flux. In that report is word that The Rings of Power, which is still awaiting a release date for Season 3, will make it to Season 5, as per Amazon’s initial deal for the rights.
This is despite the huge costs associated with producing and marketing the expansive, visual effects-heavy fantasy show, which The Ankler believes is TV’s first $1 billion series.
It seems Amazon boss Jeff Bezos is personally keen for it to continue, no matter the cost. “That’s still under Bezos’ magical halo,” a source told The Ankler. “That’s protected for its run.”
Amazon TV boss Peter Friedlander is said to have visited the set and provided an assurance that the creatives will get the chance to finish the story, although there’s a line in the report that that may be done in “four seasons or five.” Season 3 is reportedly due to hit Prime Video later in 2026. However, it sounds like plans for a spinoff are dead, according to The Ankler.
In 2018, Amazon beat Netflix for a $250 million rights deal with the Tolkien estate, publisher HarperCollins, and New Line Cinema that included a five-season commitment to bring The Lord of the Rings to TV screens. But there had been some concern about its future, given the huge costs involved and viewership numbers for Season 2.
The Lord of the Rings: The Rings of Power Season 3 Casting Announcement
In October last year, The Ankler reported that Amazon TV was “trapped” in a “Lord of the Rings nightmare” as a result of what it described as “an insanely high kill fee to the Tolkien estate.” According to that report, The Rings of Power Season 1 episodes cost $20 million each, but that figure fell for Seasons 2 and 3. Season 1 in total cost north of $465 million, The Ankler said, although it’s worth noting that doesn’t include the $250 million Amazon spent on the rights, or marketing and promotion.
The new information in this report is that the Tolkien estate is apparently due a $20 million per season kill fee if Amazon fails to deliver on its original five season plan. Sources speaking to The Ankler last year suggested Amazon should cancel the show and move on, insisting it overpaid for Lord of the Rings in the first place. Apparently shows such as Reacher and Fallout are bigger hits than The Rings of Power and cost a lot less to make.
All eyes are on Amazon to announce The Lord of the Rings: The Rings of Power Season 3 release date, and perhaps in the same breath confirm plans for Seasons 4 and 5. Until then, we have a glimpse at what to expect via a short clip that shows Elendil (once again played by Peter McKenzie) training for battle. In costume, we then see the actor picking up the legendary blade Narsil, and readying himself while standing on a shoreline.
Elendil received Narsil in The Rings of Power’s most recent episode, Shadow and Flame, the series’ second season finale which aired in October 2024. Still in Númenor, Elendil is given the sword by deposed Queen Míriel and told to leave and reclaim his lordship — something which he’s now off presumably doing.
Wesley is Director, News at IGN. Find him on Twitter at @wyp100. You can reach Wesley at wesley_yinpoole@ign.com or confidentially at wyp100@proton.me.
