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If you look at the word count and movie runtime of LOTR, then compare it to the word count of The Hobbit, you'll find that a similar treatment of The Hobbit would result in probably around 90 minutes of film.

There are complications with that assessment, but 90 minutes would fit quite well with the fact that it's supposed to be a children's story. The Rankin Bass animated version left out a few key plot points (particularly the arkenstone subplot) that could be recovered with a 90 minute runtime. I could also see the possibility of having a 2 hour extended edition




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