The Rings of Power was just announced as the name of the upcoming Amazon series based on the Lord of the Rings and other works by J.R.R. Tolkien. Unlike the previous films by Peter Jackson the series will be set on the Second Age, thousands of years before the events happening in the Lord of the Rings and the Hobbit.
The budget planned for the first five seasons (including the filming rights) is estimated to be over 1 billion dollars. This would make it the most expensive tv series ever filmed and on par with the combined budget of all three Lord of the Rings and the Hobbit movies.
While the production is mostly taken care of by different parties than the films they will still follow the aesthetics set by the film. The series is also said to be canon to the films instead of being a separate filmation or a reboot (even if it's set on a different storyline).
The expectations thus are extremely high. Unfortunately the series won't air until the beginning of September. I just hope it's worth the wait.