I'd say it's more Josie and the Pussycats the movie. I have to admit, it doesn't look terrible (look at what was done to Bratz... they made something that sucked to begin with into something beyond awful). To me, it's more of Hasbro stripping down the concept and removing all the elements that made the series memorable to appeal to a younger demographic that they think is too jaded to buy into the original concept (among other things, ones that don't get camp). Pretty cynical, I have to say, but it's not like the Hasbro films that keep the original concepts were well received either. Sufficed to say I'm mixed. It's disappointing most of the personality has to be stripped from the franchise to be replaced with more realism. But the goal of this movie is clear. To sell toys.
Here's the thing. Hasbro may have Marvel, Star Wars, Transformers, G.I. Joe, Littlest Pet Shop, and MLP:FIM, but they don't have a fashion doll line to compete with Mattel (much like how Mattel doesn't have a non-licensed action figure line, unless you count the expensive He-Man collectors line). That's why Equestria Girls exists. They couldn't come up with a good doll line themselves without expanding an already popular line... and honestly, the results are mixed. Taking aside it ticked off the obvious part of the fanbase, the dolls... well... they ride a fine line of kinda cute and kinda horrifying. Something is lost in translation. Even the Happy Meal versions of the characters look better. I've been saying the needed to revive Jem for years for purely the toy line aspect. But it's so freaking 80's that there would have to have been a huge overhaul. This was that overhaul.
Some of the aspects are sound. The girls being younger and internet celebrity thing. Then the record label forcing performance personalities on them to sell rec...cd...alb...Pandora radio subscript...COME ON! errr... forcing personalities on them to sell the band. The age group thing gives that added level of fantasy that it could be "you" to the demographic. That stuff seems like a natural update. But some of the fantasy elements could have very well stayed in there. Not rushing to judgement if the Misfits are there or not, doesn't look like they are and that would be a shame and a waste of tension. I'm going to say this isn't quite the relaunch the project should have. Obviously, a cartoon series would have been better. I don't know about the comic and what's going down with that since I flipped through the first issue briefly. And chances are I wasn't going to see this movie anyway, even if it was a direct adaption.