Heres a few problems:

1. Time Slot - The show comes on at 3:30 pm....this time slot used to work when the show was in its heyday because people especially kids were ready to consume entertainment right after school, but nowadays kids are was busier and less keen to watch MTV in general.
2. Hosts: These hosts they chose seems like it would be good on paper, but they are all untried and lack any broadcasting skills. Just because you're popular on vine, youtube, instagram, or snapchat does not mean you can host a television show.
3. Musical Climate: The first TRL came about when teenie boppers and 90s kids were purchasing music and albums were going platinum and gold left and right and there were even diamond albums. Artists were pushed to perform and promote their music to gain a fan base and that just isn't happening today.