One ring to rule them all. 

Prime Video’s splashy “The Lord of the Rings: The Rings of Power” series is back for Season 2, now streaming, with new episodes out on Thursdays.

The first season was a gamble that reportedly cost a hefty $715 million (some reports even say $1 billion). 

Has it paid off? Well, Prime Video is opaque about viewership numbers, but it hasn’t been a clear hit like their other show “Reacher,” it hasn’t been showered with Emmys, and its reception among fans has been polarizing. So, no.

Set in J.R.R. Tolkien’s fantasy world thousands of years before the events of the Peter Jackson movies, “Rings of Power” follows the elves Galadriel (Cate Blanchett in the films, Morfydd Clark in the show), Elrond (Hugo Weaving in the films, Robert Aramayo here) and a host of other characters, including the dwarves Durin (Owain Arthur) and his wife, Disa (Sophia Nomvete), the silvan elf Arondir (Ismael Cruz Córdova), the harfoot — a type of hobbit — Elanor “Nori” Brandyfoot (Markella Kavenagh), and Aragorn’s ancestors, Elendil (Lloyd Owen) and Isildur (Maxim Baldry). 

Morfydd Clark as Galadriel in “The Rings of Power.”

Robert Aramayo as Elrond, Morfydd Clark as Galadriel in “The Rings of Power.”

Ben Rothstein / Prime Video

Charlie Vickers as Annatar in “The Rings of Power.”

Ben Rothstein / Prime Video

Season 2 of “The Rings of Power” picks up where Season 1 left off. Galadriel is angry and feeling foolish, after she trusted the mysterious stranger Halbrand (Charlie Vickers) and he revealed himself to secretly be the evil Sauron. Now, she and her allies must try to prevent his rise, as he assumes a new disguise and continues scheming.

Yes, before he was a flaming eye in the sky, according to “The Rings of Power,” the notorious “Lord of the Rings” villain was a man who looks like he belongs on a CW show.

Meanwhile, Nori is still traveling with the show’s other mysterious Stranger (Daniel Weyman).

The sinister Adar (Joseph Mawle in Season 1, recast as Samuel Hazeldine in Season 2) is ruling the orcs. Although Mawle is missed, the recasting is smooth and not too distracting.

Sam Hazeldine as Adar, recast from Joseph Mawle.

Ben Rothstein / Prime Video

Charlie Vickers as Sauron.

Ben Rothstein / Prime Video

Megan Richards as Poppy, Markella Kavenagh as Nori in “The Rings of Power.”

Ross Ferguson / Prime Video

Season 2 improves some of the show’s missteps from Season 1, but not all of them. 

Season 1 was working toward the reveal that Halbrand was secretly Sauron. That “twist” was obvious, and the show dragged its feet in teasing it out — so now at least Season 2 is unencumbered, and can get on with the story. This time, the plot has slightly more urgency, and clearer stakes.

The Numenor plot line still seems tacked on, as if the show felt obligated to include it, but bit off more than it can chew. Arondir continues to look cool, but it also feels like the show doesn’t know what to do with him.

Cate Blanchett is a tough act to follow, but Clark remains one of the show’s highlights. She manages to convincingly play a more headstrong, younger version of Galadriel. 

Sophia Nomvete as Princess Disa in “The Rings of Power.”

Ben Rothstein / Prime Video

Daniel Weyman as the Stranger in “The Rings of Power.”

Ben Rothstein / Prime Video

Owain Arthur as Prince Durin in “The Rings of Power.”

Ross Ferguson / Prime Video

“The Rings of Power” occupies a weird cultural position of being both David and Goliath simultaneously. 

On one hand, there’s the staggering amount of money that Prime Video has thrown at it. And there’s its huge IP, since “The Lord of the Rings” franchise is up there with Marvel and “Star Wars.” 

But at the same time, the show is oddly almost an underdog. Many fans went in determined to loathe it before giving it a chance. And it’s been besieged by racist attacks for its diverse casting. 

Isolated from these exterior factors, the show is dazzling to look at, but it doesn’t quite click. 

The ingredients are all there for “The Rings of Power” to be stellar — characters, aesthetics, soundtrack — but it never manages to cook them together into a whole that’s as satisfying as it should be. 

It’s a meal that tastes fine, but it just isn’t seasoned quite right. 

Maxim Baldry as Isildur in “The Rings of Power.”

Ross Ferguson / Prime Video

Robert Aramayo in “The Rings of Power.”

Ben Rothstein / Prime Video

Cynthia Addai-Robinson as Queen Regent Mariel.

Ben Rothstein / Prime Video

“The Rings of Power” feels too polished and “made by committee.” It’s as gleaming yet forgettable as the decor of an Apple store. The show lacks the personality and the shaggy charisma of the original “The Lord of the Rings” movie trilogy.

Nevertheless, it’s also not as bad as its shrieking online haters would have you think. 

“The Rings of Power” isn’t amazing, but it’s a fine addition to the fantasy genre, for viewers who want something classier than the raunchy, bloody “House of the Dragon” but who also want genre television that’s more adult than “Percy Jackson and the Olympians.” 

And, while the “Lord of the Rings” movies are still better, “The Rings of Power” doesn’t embarrass their legacy the way that “The Hobbit” film trilogy did.