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A critical point often overlooked is the availability window. The Rings of Power debuted with two episodes over a weekend, giving it an advantage in time-frame. Meanwhile, House of the Dragon's episodes spread out week-to-week, with one new episode each week starting August 21st. This staggered release pattern means its cumulative viewership is assessed over a longer period.
Moreover, House of the Dragon benefits from multi-platform viewership—cable broadcasts, on-demand, and streaming—whereas The Rings of Power is exclusive to Prime Video. Nielsen ratings for streaming do not include traditional cable, which accounts for a significant portion of House of the Dragon's audience.