Amazon may already be a household name when it comes to online shopping, but it is still a relatively new one when it comes to streaming business. After being shaken by two allegations of sexual misconduct and below-par performance of its own TV shows, the company still proudly announces a new “Lord of the Rings” TV series to the tune of $1 billion.

Why ‘Lord of the Rings’?

Amazon [VIDEO]’s founder Jeff Bezos announced plans to make the J.R.R. Tolkien classic and turn it into a TV show. Most fans and critics believe that this is an outright gamble to challenge HBO’s success through G.R.R. Martin’s, “Game of Thrones,” which is currently shooting their eighth and final season.

The $1 billion budget is divided to $250 million for rights and $750 million for six series. If this project pushes through, this will surely mark the most ambitious project that the company has undertaken.

According to Tom Hamilton, an analyst at Enders Analysis media consultancy, purchasing Lord of the Rings was totally against their previous tactic. He also added that the company is trying to buy its way out of their predicaments. The budget and the magnitude of the project are commensurate with Bezos’ growing frustration with Amazon’s TV business performance.

Middle Earth the Series

The press release stated that the series will be set in Middle Earth, but the storyline will explore a completely different path. We may be able to see some previously unpublished material from Tolkien himself.

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After exploring the timeline prior to “Fellowship of the Rings”, a potential spin-off series will also make its way to our TV screens. As of this writing, no announcement about the cast and release dates were made.

Amazon may be betting that just because the “Lord of the Rings” is one of the greatest novels series of all time, they will be able to match the success of “Game of Thrones [VIDEO]”. The Peter Jackson-directed films won 17 Academy Awards, 11 of which was from the “Return of the King.”

Amazon in Trouble?

There has been a flurry of Amazon-produced shows that are not turning to international hits, like Christina Ricci’s “Z: The Beginning of Everything”, wherein she played Zelda Fitzgerald. Even though the show was given the green light for another season, it was abruptly canceled due to poor performance. Kelsey Grammer’s, “The Last Tycoon,” also shared the same unfortunate fate.

Will the “Lord of the Rings” TV series prosper in the streaming business, knowing that the last Tolkien film “The Hobbit: The Battle of The Five Armies” is only three years old? This is a question that fans and critics do not share the same positive view about.