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I'm mildly shocked I can't find this question on this site through my many searches...
Simply put, if I'm interested in reading the LotR trilogy, should I read the Hobbit before reading the trilogy? Is the Hobbit a necesarry part, or is reading the trilogy sufficient? Will I miss a lot of background information from The Hobbit crucial to my enjoyment of the Trilogy? Or is the Hobbit just a tasty side nugget bonus feature?
The Hobbit was specifically written with children in mind (although not in any sense dumbed down, just more focused on story). The Lord of the Rings by contrast is a more difficult read, and takes some perseverance to get though. Reading the Hobbit is therefore a good way to work out whether you are likely to enjoy the full LoTR experience. If you don't enjoy the Hobbit, you probably aren't going to like LoTR much.
The events in the Hobbit occur prior to LoTR, being the tale of how Bilbo acquired the One Ring in the first place. The two stories are, however, pretty much independent, and you won't miss anything essential by skipping the Hobbit.
Under no circumstances should you attempt a full chronological read of all the books set in the Lord of the Rings universe on a first reading. The Silmarillion is not recommended unless you really REALLY like Tolkien, and already love the setting sufficiently that you want to know more about the world background. Approached outside of the context of the Lord of the Rings, it is likely to seem quite dry.
So, in chronology The Hobbit comes first, but you will not lose out by starting with LoTR if, for example, what you are interested in is revisiting the story of the films.
The Hobbit is a good introduction to the world of Middle-Earth. You spend a lot more time with Bilbo being Hobbity and get to appreaciate the dwarves more than you would by simply reading The Lord of the Rings (and you get a better glimpse into some of the animus between them and the elves). Perhaps more importantly, though, the story of The Hobbit is lighter and seems less pressing, so once you've finished the epic arc of the trilogy, you might find the prologue story less interesting. Or you may not, who knows.
The Hobbit is by no means crucial to your enjoyment of the trilogy. The parts of it that matter to rest of the story are more than adequately summarized later on.
The Hobbit is not a "bonus feature" of the Lord of the Rings. It's a separated — but still related — story. For example, it tells about how Bilbo Baggins came into possession of the One Ring, and other things that will have consequences/will explain events in the Lord of the Rings story.
About your question if reading the Lord of the Rings is sufficient... that depends. If you want to just read LoTR, yes, then it's sufficient. But reading The Hobbit will give you some knowledge about the start of LoTR, like I said above.
I think whether one wants to read it before or not is up to everyone, but if you haven't started reading anything yet, why not proceeding in a chronological manner? Start from The hobbit and then proceed reading The Lord of the Rings.
You don't say how old you are. I read the Hobbit first because I was 12 and it was easier to read. I didn't manage the Lord of the Rings trilogy until I was 16.
The Hobbit used to be described as a children's book, though I suspect it would fall into the "young adult" category these days, but much like the Harry Potter books it's a fun read for adults as well. It gives you a feel for Tolkien's world which I think makes the LOTR trilogy easier and more enjoyable to read. So I'd say read The Hobbit first.
The tale of The Hobbit holds the first part of The Ring story.
You don't necessarily have to read it first in order to enjoy LOTR, but it holds some key elements that only continue the story in LOTR.
If you read LOTR first, and then go back and read The Hobbit, you will already know everything that happens to Bilbo Baggins (the main character of The Hobbit), Gandalf, the dwarfs, etc. and will know all the characters fates – you would have reached the end of the story, just to start from the beginning.
However, if you read The Hobbit first, you will have a better understanding of some parts that happen in LOTR while they happen, instead of posting here and asking about them while you are reading.
Keep in mind that The Hobbit, is truly one of the best fantasy books ever written (IMHO).
I hope this answer helps you in making a decision. :)
The fourth part of The Lord of the Ring's prologue, titled "4 Of the Finding of the Ring", contains a summary of the parts of The Hobbit that Tolkien felt important for a reader to know when reading The Lord of the Rings.
As is told in The Hobbit, there came one day to Bilbo’s door the great Wizard, Gandalf the Grey, and thirteen dwarves with him: none other, indeed, than Thorin Oakenshield, descendant of kings, and his twelve companions in exile...
The Lord of the Rings - "Prologue" - "4 Of the Finding of the Ring"
This takes the reader over the important parts of Bilbo's story, from the beginning of The Hobbit, up to the point where The Lord of the Rings starts.
If you really want to skip reading The Hobbit and just get into The Lord of the Rings as quickly as possible, you should read that section of the prologue and then begin chapter one.
