Young hopefuls wanting to make the big time (wanting to live forever, in fact) in NYC, leg warmers and Debbie Allen – yes, it's the remake of the classic '80s film Fame for a new generation, which opened in cinemas this weekend. As per the Alan Parker original, this is the story of a talented group of dancers, singers, actors and artists from all walks of life who try and live out their dreams through blood, sweat and determination. Unlike the Parker original, it's been toned down dramatically and is targeted at the tween audience, with a PG rating. And while Alan Parker's CV features Midnight Express and Mississippi Burning, new director Kevin Anchormen's previous credits include a Britney Spears TV special and a show about the Pussycat Dolls. Essentially, less gritty, more MTV glossy.

Remakes aren't exactly news but take Fame in the context of all the other iconic '80s films being revisited, and it adds up to a shocking ransacking of the decade that style forgot but, cinema and telly-wise, produced nuggets of genius. 2010 will be the year of the '80s movie remake.

Footloose, about a small town where dancing and rock music are banned, is due out next year, directed by Kenny Ortega of High School Musical fame, with Gossip Girl's Chace Crawford filling the dancing shoes of Kevin Bacon – some would argue that pretty boy Crawford is a poor replacement for the original awkward-looking, intense anti-hero. The Karate Kid remake will star Will Smith's son Jaden (Smith is directing) in the Ralph Macchio role with Jackie Chan rumoured to be playing Mr Miyagi. The OC wunderkind, Josh Schwartz, is going to remake Bright Lights Big City, the 1988 film starring Michael J Fox and Kiefer Sutherland, based on the Jay McInerney novel. A remake of 1984's Red Dawn – which starred Patrick Swayze, Charlie Sheen and Jennifer Grey, and was once considered to be the most violent film in history by The Guinness Book of Records – is currently in production, while The Wrestler director Darren Aronofsky is reworking RoboCop – let's hope that Mickey Rourke lands the title role. But this is only the tip of the iceberg. You can also look forward to new versions of A Nightmare on Elm Street, Short Circuit (remember that cute little robot... and remember Steve Guttenberg?), He-Man: Master of the Universe, The Smurfs, The Never Ending Story, The Flight of the Navigator, Ghostbusters, Fletch, The Big Chill and Weird Science. Rumours of a Dirty Dancing remake have taken on a certain poignancy following the death of the original's leading man, Patrick Swayze, but one of the most contentious new projects of all is the forthcoming version of The A-Team, in which Liam Neeson will play Hannibal, South African actor Sharlto Copley is set to play Murdoch, Bradley Cooper is Face and Jessica Biel is to star as Face's love interest. But it's the casting of cage fighter Quinton 'Rampage' Jackson as BA Baracus that has fans of the original show up in arms – surely they could have rescued Mr T from his current fate of advertising bars of Snickers? Even more disturbing is the news that the classic, darkly humorous high-school film Heathers is to be remade into a TV series, as is St Elmo's Fire, which originally starred Demi Moore, Andrew McCartney, Rob Lowe and Emilio Estevez. As one commentator noted, "Hollywood is ruining my childhood memories, one lousy remake at a time."

Bizarrely, it's not just the hits that are returning to the big screen. Red Sonja (1985) starring Arnold Schwarzenegger and Brigitte Nielson, might have achieved cult status but it was universally described as hilariously awful. The leading man himself said, "It's the worst film I have ever made. Now, when my kids get out of line, they're sent to their room and forced to watch Red Sonja 10 times. I never have too much trouble with them." The new version starring Rose McGowan is set for release next year.

There are various theories as to why films of the '80s are so in vogue with studios right now. Part of it is a generational thing – today's auteurs want to turn their attention to the era and the decade that shaped them, whether that be via remakes or films set in the '80s like the recent Adventureland from Superbad director Greg Mottola. Money is also an important factor. "Films are so expensive these days, you need something to associate the project with – a movie star like Will Smith or, short of that, like a revival of a television show or movie," Harold Ramis, who starred in Ghostbusters as Egon Spengler, says. "I'm sure they could come up with a movie like Fame that's not actually called Fame but it's so much more profitable for the studio to have that name."

Name recognition cuts back on marketing costs and, audience-wise, studios hope that remakes will attract those who remember the films first time around, as well as a younger generation who will embrace '80s film kitsch the same way they have '80s fashion and music.

While the '80s remake phenomenon is impossible to avoid, for those cinema-goers who get upset at the notion of High School Musical's Zac Efron taking on John Travolta's mantle in a Saturday Night Fever remake, there is some solace. There are no plans to remake The Princess Bride, The Goonies, The Breakfast Club, Back to the Future or Stand By Me as of yet, and for this we should be thankful.

Game over: Things we wish would stay in the '80s

Lycra: Damn you American Apparel for making it irresistible to walk around in skin-tight leggings, and having every club kid from Dingle to Dalkey heading out of a Saturday in shiny hot pants.

Synths: The paring down of pop music for people who were barely alive when Adam and the Ants were falling around the place means everything now sounds like La Roux.

Shoulder pads: Another excuse for Lady Gaga to go shopping.

Old-school computer games: Since when did we create a multi-billion gaming industry just so people could think Pac Man (right) and Space Invaders were suddenly cool again 20 years later?

Members of the Smiths: Morrissey is just embarrassing at this stage, never mind Johnny Marr looking like an overgrown punk toddler with the Cribs.

Sodastream: Yes, a new model is for sale in the US (right), and while it was always a desired item back in the day, you could never really get past fizz so strong it felt like drinking knives.