Corey Olsen is the Tolkien Professor and has a great podcast where he discusses all things Middle-Earth. It was his podcasts for The Hobbit that first got my attention several years ago. It was slow going, about one or two a month, but it's not that long of a book, right? Well, then he got sidetracked. :D No harm, I got to listen to his brilliant lectures on The Silmarillion and hear some great live discussions about LOTR. Over the years, I lost track of him, but I'd think about his The Hobbit series from time to time. So when I saw that he'd compiled all his The Hobbit podcasts into one audiobook, I had to snatch it up. I originally intended to listen to his analysis instead of rereading the books - as I mentioned, it's not my favorite of Tolkien's works, but I still love the world and the mythology related to it, and somewhere buried under the narrative style is a great work of fiction. I just need someone as enthusiastic about it as Professor Olsen to help me see it.
He does one analysis per chapter, following along with Bilbo's development over the course of the book and his various adventures, dissecting the songs and riddles, and highlighting all the themes and narrative devices. He also goes into the development of the dwarves, the elves and the various other characters they come into contact with. He mostly sticks to The Hobbit, but he ties it in with Tolkien's other works where appropriate. He breaks down each chapter into sections and subjects, and I think that even if you haven't read The Hobbit it'll be easy to follow along.
The only downside to this audiobook are the technical blips. None of the analysis is lost of skipped over, but there are quite a few instances of repeated lines. This could've used an extra pass through quality check. If you can overlook that - the repeated lines are very brief - then I would still recommend giving this a listen. It's great for those who love The Hobbit or, like me, love the world of Middle-Earth and enjoy discussing the events within the book even though the writing style and POV isn't quite to my liking.