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I was aware of TMNT's decline (Movie III) before I was aware of MMPR's rise. The momentum was fading and the vibe felt darker than just a couple years prior (this was in 1993). The knockoffs (Biker Mice, Samurai, Battletoads) helped to water down the concept, plus some poor marketing/releases by Playmates thanks to too many bad Turtle variations, a lack of new playsets/vehicles, and other factors such as the poor Getting Down in Your Town tour were many that lead to its decline, along with kids' desires that they want to explore more of the world. Unlike adults who tend to be more loyal to series, kids/teens have a fickle mind and like to mingle with other brands; hence this is why many cartoons don't have long runs compared to primetime and daytime TV.
Actually, if Power Rangers never came to the U.S., TMNT would have lasted shorter: No Next Mutation/crossover! It thankfully shortened the gap to 5 years instead of seven (or for me, nine since I was unaware of the final two seasons). Sure, that series had flaws, but it did keep audiences that the Turtles were trying to keep their brand alive, especially to follow up on the movies.
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