The film has as its central character the woman in red; it examines her love to varying degrees as overwhelming obsession and possible madness. The film is narrated both by the woman (a text written by Nooshin Farhid), and by a second anonymous voice at the beginning of the film, perhaps that of the film-maker who follows the woman in red, stalking her. The camera takes the role of a voyeur but rather than being in control, it is as fragile and vulnerable as the events it records. In the film a ‘ real’ passerby asks what the woman in red is doing. He expresses concern at being filmed and yet solicits the attention of the camera. He volunteers the information that he suffers from mental illness. His real life concerns merge with those of the woman in red.
Immediately after the events of The Desolation of Smaug, Bilbo and the dwarves try to defend Erebor's mountain of treasure from others who claim it: the men of the ruined Laketown and the elves of Mirkwood.