You do need to read the book. Though you will find the book a little different than the movie.
I originally read all the books in High School. We then read them to our kids a couple of times. So it is a big thing for our family to see these Lord of the Rings and the Hobbit movies. We have had great fun with them over the years!
__________________
My newest Grandson, Caleb Austin, was born May 29th. I am now Grandma to 4 precious babies. I am so blessed!!!!