According Travis Knight, Jared Leto's Skeletor is a Dimensional Demon and not Prince Keldor brother of King Randor and that he "Hates that backstory". But there are a few problems with that lots of them in his own movie.
First to be explicit. Skeletor being Keldor is Mattel's official stance. It even has been reiterated in the MOTU Origins Minicomics which are kind of a unified MOTU lore. That is the baseline.
When Skeletor first arrives on screen. He speaks to King Randor about lurking in the shadows at the edges of the Universe and being forgotten about by King Randor - Clearly these two men have a previous personal relationship. That is their conflict is personal not that of a displaced Skull Demon passing through Eternia looking to use the Power of Grayskull to get home.
When Skeletor has the opportunity to declare himself. "Not A Man" he or rather the script goes out of its way to not have him make that natural declaration to Prince Adam when he challenges Skeletor to face him like a man.
He wears boots of a man. No really this movie had no problem giving animal feet to every other none human character. But they don't give the Dimensional Demon demon feet?
"Maybe you are just mad you couldn't be King or were not loved enough as a child" Adam says to Skeletor in the final act. This is literally telling you he's Keldor without saying it because this is Keldor and later Skeletor's motivation across most MOTU fiction.
So don't take Travis Knight at face value here and infact we've already been through this experience with MOTU Revelation and Revolution where Skeletor promptly was to oh yes actually been Keldor all along. Because of course this is Mattel's approved Skeletor Canon. There is no reason to think that changes with this live action incarnation -- Infact its likely to become the backbone of the sequel/series that follows.
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