The new series takes place well before the events of Peter Jackson's film series. So it goes into the past. The main part of the plot is set in the so-called Second Age of Middle-earth, but the prelude takes place even earlier.
The Second Age, which will then be the main focus of "The Rings of Power", includes in J.R.R. Tolkien's model several thousand years. However, this period of time was greatly compressed for the series - and two events, in particular, should be the focus: the sinking of the island of Númenor, a kingdom of humans from which the ancestors of Aragorn also come, and the forging of the 20 rings of power by Sauron.
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Sauron, who appears only partially in the new long trailer on several occasions and we don't yet know who is playing him, won't be the only character that fans of the "Lord of the Rings" books and films already know: The Long Life of the Elben makes it possible that Galadriel and Elrond will also be there.
The adventures of them and many other characters are to be told over a total of five seasons. The second season is already in the works. In order for the other three seasons to come, however, "The Lord of the Rings: The Rings of Power" must of course be a success on Amazon Prime Video.