"The Hobbit: An Unexpected Journey" can currently be watched streaming on several platforms depending on the region:

• In the US, it is available for streaming on HBO Max and Hulu (with HBO Max included in the Hulu plan). It can also be rented or bought on Amazon Video, Apple TV, YouTube, and Plex.
• On Amazon Prime Video, it is also available for streaming or purchase in some regions.
• No free streaming options are currently available.
• The extended editions of the Hobbit movies are generally available for purchase on platforms like Amazon Prime Video and Blu-ray.

Thus, the best ways to watch "The Hobbit" now are through HBO Max, Hulu (with HBO Max bundle), Amazon Prime Video, or by renting/buying it digitally on Apple TV, YouTube, or Amazon Video.