Movie company Warner Bros. hopes that "The Hobbit: The Battle of Five Armies" will gross over $300 million, just like other "Lord Of The Rings" films.

The story of Bilbo Baggins, which happened before the events in "The "Lord Of The Rings" trilogy, was divided into three films, and the final film in the trilogy is heading to theaters later this year. In the past two years, "The Hobbit" films garnered mixed reviews and reactions from the critics' circle and fans.

"The Hobbit: The Desolation of Smaug" became the worst-grossing Middle Earth film ever, and the only film in the series that fell below $300 million. The poor performance of the film in the box office was attributed to the mixed reviews that prompted doubts in the audience.

Moreover, director Peter Jackson also gave the film a dark tone and had a running time that was way too long. Lastly, fans were upset that Jackson and the movie company decided to divide the book into three films that led some people to believe that it is for profit purposes.

In comparison, each installment of the LOTR trilogy grossed over its predecessor, thanks to awards buzz and the Best Picture nominations. "The Hobbit" adaptations, on the other hand, have not bagged any awards that could encourage the movie-going public into seeing the films.

"The Hobbit: The Battle of Five Armies" follows the story of Bilbo and a company of dwarfs who are now in the brink of war against a flock of combatants, including elves and orcs armies.  But while they are now inside the mountain home of Thorin Oakenshield, the dragon, Smaug, is now bent into turning the nearby human village into ashes.

"The Hobbit: The Battle of Five Armies" cast includes Martin Freeman (Bilbo), Ian McKellen (Gandalf), Richard Armitage (Thorin), Orlando Bloom (Legolas), Evangeline Lilly (Tauriel), and Benedict Cumberbatch (as the voice of Smaug/ Necromancer/ Sauron).  It also stars Lee Pace, Luke Evans,  Stephen Fry, Ian Holm, Christopher Lee, Hugo Weaving, Cate Blanchett, Ken Stott, James Nesbitt,  John Bell, Manu Bennett, Jed Brophy, Adam Brown, John Callen, Billy Connolly, Ryan Gage, Mark Hadlow, Peter Hambleton, Stephen Hunter, William Kircher, Lawrence Makoare, Sylvester McCoy, Graham McTavish, Dean O'Gorman, Mikael Persbrandt and Aidan Turner.

The third and final installment of "The Hobbit" will open on Dec. 17 just like the two previous films, to take advantage of the holidays.

The movie will battle head on with other blockbuster hits, namely "Night at the Museum: Secret of the Tomb," "Into the Woods," "The Hunger Games: Mockingjay Part 1," "Interstellar," and "Paddington." Thus, it is expected that the competition will be tough in the coming holiday season.