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LotR was a risk taken and turned out a major success. Because of that, I think, any other movie to come with the name Tolkien on it will have it much easier.
It is very similar to the Star Wars Prequels after all. The general audience has seen the Fellowship Prologue and the much-repeated shot of Isildur cutting the Ring. Like with Star Wars, they already know how it's going to end. And everybody already knows the name Sauron and perhaps even liked to have seen more of him than an eye. In this movie we would finally get to see him as an actual character (and maybe even the central one). And Second-Age-Sauron could be one of the most formidable diabolic villains of movie history.
I'm not only argueing from a "Tolkien fan who wants to see his favourite stories on screen" point of view. I really think this is material for a darn good and profitable film.
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