>> It turns out that more than 1,000 pages and 9 hours of film simply isn't enough Frodo Baggins.>> Jump, Frodo!>> Amazon on Monday announced it bought the global television rights to the Lord of the Rings, for a series to stream on its Prime Video service. Reportedly paying about a quarter of a billion dollars for what may be its biggest and most expensive move yet.
To draw viewers and shoppers to its Amazon Prime membership platform. Reuters correspondent, Jeffrey Dastin.>> Video has become one of Amazon's biggest investments, at some $4.5 billion in 2017. And its spending is just going to increase. The company is getting into bidding wars with rivals Netflix and Hulu over top content, and as it shifts from comedies to dramas it can pay at least a 100 million or more for each season.
But Amazon this is all worth it. When people sign up for Prime to watch these videos, they end up spending more on the retail side as well.>> The price tag far eclipsing what CEO Jeff Bezos has spent on other original series, such as Transparent and Red Oaks.
And while those shows have found their critical niche, J.R.R Tolkien's epic fantasy brings mass appeal, much like HBO's Game of Thrones. Amazon's multi-season series will explore Middle Earth with new story lines that precede the trilogy's first installment, The Fellowship of the Ring. The three films based on Tolkien's novels earned nearly 3 billion dollars at the box office and 17 Academy Awards.