So Rings of Power Season 2 opening had about 50% of the viewership of the opening of Season 1 (and they added an extra day to the opening).
In the US, slightly less than half of the people who saw episode 1 watched episode 8. In the rest of the world, slightly more than half of the people who saw episode 1 watched episode 8.
But the viewership between episode 1 and 2 of season 2 was almost a 50% drop and the first three episodes were dropped at once so this is an extra bad drop.
and a portion of the constant viewers is composed by contents creator, people that watch it but not because they like it.
That's a drop in the bucket when you talk about millions of views.