Today, Deadline has announced the official release date for director Jon M. Chu's adaption of the 1980's cartoon Jem & the Holorgrams. According to them the live action movie will hit October 23rd, 2015 and will star already announced Aubrey Peeples, Stefanie Scott, Aurora Perrineau, Hayley Kiyoko, Juliette Lewis, Molly Ringwald and Ryan Guzman. They also went onto announce the full plot synopsis for the film:

The series revolves around Jem, the mysterious lead singer and front-woman of the rock group “Jem and the Holograms.” Her real name is Jerrica Benton, and under this name she is the owner and manager of Starlight Music. Jerrica adopts this persona with the help of a holographic computer, known as Synergy, which was built by Jerrica’s father to be “the ultimate audio-visual entertainment synthesizer” and is bequeathed to her after his death. Jerrica is able to command Synergy to project “the Jem hologram” over herself by means of the remote micro-projectors in her earrings, thus disguising her features and clothing enabling her to assume the Jem persona. While disguised as Jem, Jerrica is able to move freely without restrictions and on several occasions other people have been in direct physical contact with her without disrupting the holographic projection. Jem, through the use of her earrings, is also able to project holograms around her and uses this ability throughout the series to avoid danger and provide special effects for the performances of her group.

 Yes, this is the film Jon M Chu left Masters of the Universe and possibly G.I.Joe 3 for....

It was just a month ago that G.I.Joe: Retaliation director Jon M Chu announced he was leaving the Masters of the Universe project for an unknown 1980s property Jem and the Holograms! Well it seems they already have a full cast and a teaser poster for the film via Yahoo! Movies:

"In her first major film role, Nashville actress Aubrey Peeples has been cast as the lead Jem in the live-action Jem and the Holograms film, which is being directed by Jon M. Chu. The Holograms have also been cast: Stefanie Scott, who starred on Disney's A.N.T. Farm, will play Jem's sister Kimber; Pretty Little Liars actress Aurora Perrineau will play the Holograms’ Shana; and The Fosters' Hayley Kiyoko has been cast as Aja."

Yesterday, it was announced that director Jon M. Chu is moving forward with a feature film adaptation of Jem and the Holograms. Jem and the Holograms is a 80's cartoon which was about music company owner Jerrica Benton, her singer alter-ego Jem, her band the Holograms, and their adventures.

Now today director Jon M Chu revealed that the script for G.I.Joe 3 is not finished yet which means he will work on Jem in the meantime.

@briantruitt PS Joe script is getting REALLY fun just taking alittle longer.I need it 2b perfect so decided 2try &fit a crazylittle movie in
— Jon M. Chu (@jonmchu) March 21, 2014