Hollywood has become obsessed with the streaming metrics for Amazon Prime’s The Lord of the Rings: The Rings of Power and HBO Max’s House of the Dragon—both the overall metrics and the inevitable desire to juxtapose the two series. After all, the numbers are presumed to be leading indicators for the sort of mega-expensive, high-stakes fantasy I.P. bets that pervade the post-Netflix-correction streaming era. Will the long term financial return merit the extraordinary upfront investment? Every studio executive in town is watching closely to figure it out. With the first season of both shows just past their midway marks, it feels like a good time to check in on the raw performance that Rings and Dragon are actually delivering.