As it’sEmmyseason, and all eyes have been on the streaming networks' flagship shows. It comes as no surprise to find HBO’s hit seriesSuccessionracking up a massive 14 major nominations (excluding technical categories), with HBO stablemateThe White Lotusclose behind on 12.

Prime’s Middle Earth epicThe Rings of Power, on the other hand, received no major nominations at all. On the face of it, this is a major snub. On its premiere late last year, the series received pretty good reviews; the production values were great (as one would expect of a series that was touted as the most expensive ever made – the series did receive six nominations in technical categories). Many of the main cast received plaudits for their performances.

The Lord of the Rings: The Rings of Power

So what went wrong? Why didThe Rings of Powerget the cold shoulder? Here are three possible explanations.

Related:Filming Wraps on Rings of Power Season 2 as SAG Strike Begins

Finrod Felagund in The Lord of the Rings: The Rings of Power

Hype That Was Impossible to Live Up To

It may be thatThe Rings of Powerwas the victim of its own hype. When it was announced back in 2017, Amazon committed to an investment of around one billion dollars, making it the most expensive show in history by a country mile, which was frequently added into the marketing campaign for the series. Add into the mix a vigorous fanbase with high expectations, and the stage seemed to be set for either a glorious triumph or a famous flop.

In the end, what audiences got was neither of these things.The Rings of Power’s first season is a beautiful-looking epic fantasy series that, although indisputably good, fell short of being great. Audiences were especially appreciative of Welshactor Morfydd Clark’s performances as Galadriel in the lead role, and alternative-comedian-turned-straight actor Lenny Henry likewise impressed the critics, playing against type as Sadoc. But a somewhat convoluted plot and the weight of world-building that traditionally weighs heavily on the debut seasons of fantasy shows conspired to take some of the gloss off the eight episodes.

An Elf and a Balrog fight in The Lord of the Rings: The Rings of Power

Related:The Rings of Power: Morfydd Clark Shares the Biggest Differences Filming Season 2

Right Show, Wrong Year?

The Rings of Powermay also have suffered from the fact that, quite simply, the last twelve months have seen multiple strong performances from flagship shows.

Aside fromSuccessionandThe White Lotus, audiences have been treated to a remarkable final season ofBetter Call Saul, which bagged five major nominations, including for Outstanding Lead Actor in aDrama Series (Bob Odenkirk) and Outstanding Supporting Actress in a Drama Series (Rhea Seehorn); an excellent debut season for HBO’s post-apocalyptic dramaThe Last of Us, which managed a staggering 24 nominations, five in major categories; and strong showings forAndor(eight nominations overall),House of the Dragon(eight nominations), andThe Crown(six nominations).

In ordinary circumstances,The Rings of Powermight have fared better during awards season, but against such stiff competition, perhaps it is unsurprising that it when it came to the Emmys, it ultimately flattered to deceive.

Is “Fantasy Fatigue” Setting In?

However, there may be a far more prosaic reason forThe Rings of Power’s underwhelming performance: maybe people are simply getting bored of the fantasy genre. After all, fantasy epics, from sword and sorcery shenanigans to serious-minded, multi-generational sagas, have ridden high for more than a decade now, largely on the back of the success of theLord of the Ringstrilogy in the early 2000s and theHobbitfilms that followed.

Signs of audience disaffection are apparent everywhere one looks. A matter of weeks afterThe Rings of Power’s debut, Disney+‘sWillowTV seriespremiered to lukewarm reviews. The consensus was that, in spite of Warwick Davis’ usual assured acting in the lead role, the premise was simply too flimsy to justify a series.

It is easy to see howThe Rings of Power– which was, after all, largely not based on an actual book or book series, but merely on the appendices J. R. R. Tolkien wrote forThe Lord of the Rings– might be viewed as thematically slight, in spite of the intricate, soapy plotting. In April, it was revealed that just37 percent of American viewershad finished watching the series, a figure that was not much better internationally.

It is difficult to know what to make of the disconnect between the largely positive critical verdict on the series and the “meh” response of the audience to it, except to suggest that, despite excellent visuals that bagged the series a slew of nominations and awards from various organizations, viewers are starting to tire of the same old motifs. The reaction to the second season – which finished filming in the United Kingdom last month and will premiere next year – will tell the tale.