I've always felt like the song is about the fall of Erebor. I would think that it is about Thorin's company, but the entire song has a haunting sort of feel, as if it is an echo of the ancient past. I imagine the company walking through the dusty, cobwebbed mountain with a phantom Ed Sheeran singing this song. I like to think of it as Balin praying to Mahal the day the dragon attacked.
I've always felt like the song is about the fall of Erebor. I would think that it is about Thorin's company, but the entire song has a haunting sort of feel, as if it is an echo of the ancient past. I imagine the company walking through the dusty, cobwebbed mountain with a phantom Ed Sheeran singing this song. I like to think of it as Balin praying to Mahal the day the dragon attacked.