On a Friday night at a downtown Tokyo television studio, 12 teen models with cutesy nicknames like "Ayamin" and "Kyokyo" are waiting nervously to find out who has won coveted spots on the cover of Popteen magazine, a Japanese fashion bible.

The girls, sporting a range of trendy styles, are the stars of "Popteen Cover Girl War," a hit show from internet upstart AbemaTV that may signal a new direction for Japanese television.

Eschewing the pricey serials and star-studded films that have helped companies like Netflix upend the traditional TV business in the U.S., AbemaTV is betting on low-budget, reality-based fare with colorful graphics, relatable young faces and a relentless focus on generating social media buzz.