Franchise film reboots are certainly dead. There is just not enough interest to bring this to the theaters any longer. Unfortunately things are not what they used to be and the theater and film making industry needs to realize this and plan accordingly. I'm sure a lot of money was lost on this endeavor, as they were hoping to pull in some money.
Look at what has been done with Godzilla, SpiderMan, and James Bond, not to mention Mad Max! Franchise film reboots aren't dead at all, but when you start with a film nobody's ever heard of like Jem and the Holograms, what do you really expect? Maybe Universal should have left Jem in the '80s.
I think there have been some great reboots, however, most of the time we go in not expecting too much, and we are not usually disappointed. Often the remake that involves a more current setting, background, and characters can work, but often it just looks like a poor attempt at redressing an already splendid film.
Some reboots are complicated and some are not. It would be too easy to feel as if reboots are dead. What needs to be done is more careful thought in terms of construction and to remain hopeful that reboots can be done within the same vein as their original counterparts.