The Soviets Made a Hobbit Movie In 1985. It's So Terrible it's Incredible.

And you can watch it right here.

It's missing characters like Beorn, and entire sections of the story like the trolls, but you can still catch the gist. Well, sort of. If you speak Russian.

The project was unlicensed by Tolkien's estate, and its full name in English was "The Fairytale Journey of Mr. Bilbo Baggins, The Hobbit".

The Hobbit (1985 television film) [Tolkien Gateway, via Laughing Squid]

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I just saw 'The Hobbit' in IMAX 48fps and I was blown away by how realistic everything looked. The CG was the most impressive I have ever seen in a film, and it blended so perfectly with the live actors that I was constantly in awe at how amazing the movie looked. I want every film to be in 48fps now, and I can't wait for the sequels to AVATAR with their reported 60fps frame rate.