Update: Apparently there is some miscommunication going on. According to the press release, the live-action film and animated film will exist separately.

This should clear it up:

On July 20, 2018, Phil Lord & Christopher Miller, the directors of The Lego Movie, Cloudy with a Chance of Meatballs, and 21 and 22 Jump Street, are taking Spider-Man back to his graphic roots with the first-of-its-kind animated Spider-Man feature, it was announced today at CinemaCon by Tom Rothman, chairman of the Sony Pictures Entertainment Motion Picture Group. The film will exist independently of the projects in the live-action Spider-Man universe, all of which are continuing.

Original article continues below.

More big Spidey news coming today, this time out of CinemaCon’s Sony Panel. Phil Lord And Chris Miller will be directing an animated Spider-Man Feature Film due to be released on July 20, 2018 that WILL take place within the MCU. Could this be the animated project that Marvel Animation spoke of at ECCC?

Take a look at some of the tweets below from folks at CinemaCon