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Due to the utter failure of the DCEU (DC Extended Universe) films, DC has decided to do a soft-reboot with a new franchise called the DCU (DC Universe), and any shows outside of this new shared Universe will be labelled as Elseworlds (similarly to the comics imprint name).
To prepare, I wanted to discuss the three different DC franchises so that it is easier to understand.
The DCEU was the shared Universe of most of the DC films and one show. It started with the film Man of Steel, and includes the Ezra Miller Flash movie, Justice League, Wonder Woman, Aquaman, Shazam!, Birds of Prey, Batman v Superman, Black Adam, Blue Beetle, and Peacemaker. DC produced these movies in partnership with WB.
DC also had a separate universe called the Arrowverse that was produced by CW during the time when CW was owned by CBS and WB as partners. The Arrowverse included mostly TV Shows, did not overlap with the DCEU at all, and started with Arrow, mainly because they weren't allowed to use certain characters, particularly Batman. Arrowverse expands into a bunch of shows with an excellent continuity and was the first time the multiverse and crossover events were brought to the mainstream (yes, before Marvel). It included Arrow, The Flash, Supergirl, Legends of Tomorrow, Black Lightning, and Batwoman, with one movie titled Vixen.
Prior to 2022, CW was a partnership between CBS and WB. In 2022, the CW gets sold to Nextstar and they end up cancelling all of the Arrowverse (as well as a bunch of other drama shows), and so the very last episode of the Arrowverse was in the last season of the Flash.
Now that the DCEU and the Arrowverse have officially ended, this has given DC an opportunity to clean up the DC franchise completely and do a soft reboot, hopefully learning from the failures of the DCEU and the low-budget of the Arrowverse. The DCU will be split into Chapters (similar to the phases in the Marvel Cinematic Universe) and will start with Chapter One: Gods and Monsters. The first show that takes place in this new DCU will be Peacemaker, which was effectively moved over from DCEU to DCU, and Creature Commandos, which will be released later this year. The first movie will be Superman, in 2025, and is regarded as the primary starting point for the DCU soft reboot.
Lastly, there is also the DC Animated Movie Universe (DCAMU), which is separate from the others, and it began in 2013 with Justice League: The Flashpoint Paradox and ended in 2024 with Justice League: Crisis on Infinite Earths. It has a total of 26 animated films, and one web series. Before the DCAMU was the DC Animated Universe (DCAU), which consists of mostly Animated TV Shows and went from 1992 to 2006, starting with Batman: The Animated Series and ending with Justice League Unlimited (with exception of two movies in 2016 and 2019, and one short film in 2014).
Note that Soft Reboots do not get rid of old continuity, but they start fresh with new themes, tone, style, and/or intent, and will usually have fresh plotlines. They are usually not complete remakes of old storylines. Another example of a soft reboot aside from DCU is Doctor Who's recent soft reboot.