there isn't really a way to turn a massive history lesson like the silmarillion(thousands of years time) into one cohesive narrative and formatted to 90 minutes and remain a profitable venture.
Not many people outside Tolkien fans/nerds are going to know it, it doesn't have the massive brand recognition.
people don't have that attention span. it would have to be mutilated to be a movie. maybe a 100 season long TV series like doctor who except less retarded?
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I agree completely with every word.