You're hugely exaggerating by claiming that "only the names" from the source material have been used. Also, even if people don't generally know alot about "The Lord of the Rings", they know the name. The name alone will bring in viewers that will like the show for what it is, for the most part.
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The story has been more than fine. I've already watched all of the other stuff. When the other stuff as well as this has a new movie, or series, I will watch it as well. I'm a lover of fantasy. Good or bad when compared to the source material means nothing to me. For someone who is not a source nerd, and picking the material apart against the source, the show really isn't half bad. It's not great, but it's not bad. Very enjoyable to watch. I've been watching it on Sunday night around 8:00, right before house of the dragon airs... Well, up until the finale of both. lol