Bones will be shattered.
Necks will be wrung,
You'll be beaten and battered,
From racks you'll be hung.
You will die down here and never be found!
Down in the deep of Goblin-town!
The Book: The goblins sing on their way to Goblin-town, keeping time with the flap of their feet on the stone. The song they sing in the novel is much different from the movie:
Clap! Snap! the black crack!
Grip, grab! Pinch, nab!
And down down to Goblin-town
You go, my lad!
Clash, crash! Crush, smash!
Hammer and tongs! Knocker and gongs!
Pound, pound, far underground!
Ho, ho! My lad!
Swish, smack! Whip crack!
Batter and beat! Yammer and bleat!
Work, work! Nor dare to shirk,
While Goblins quaff, and Goblins laugh,
Round and round far underground,
Below my lad!
What difference does it make? It doesn't really matter. The song the goblins sing is not important to the novel. It is a change, however, and one that did not need to be made.
My Opinion: This is an awful change. Aside from the fact that this was my favorite song from the book, there wasn't any purpose to this change! This isn't like with the elves, where Peter Jackson decided that everybody's singing might change the tone of the movie. He's having the goblins sing either way. But instead of using the actual song from the novel, he's just made one up himself! Peter Jackson has literally looked at the writings of J.R.R. Tolkien, said "I could do better," and made a pointless alteration to the source material. There is no reason not to have used the book's song. You can still have the Goblin King sing it to taunt the dwarves, it works just as well for that. Make the changes you need to make so that the story works in a new medium, but you're not allowed to just rewrite parts that you think you can do better. The new lyrics fucking suck, anyway.
Maybe the point was to make the audience feel the suffering of the dwarves?