By most accounts, Teenage Mutant Ninja Turtles 2: Out Of The Shadowswas an improvement over the first. It embraced the aburdity of the concept and tried to really bring the cartoon version of the property to life in a big way.
That is why it is strange that it totally bombed at the box office. The first did great, and a good sequel to a successful film usually brings in more buzz and money. It just never happened for the Turtles though.
Speaking to Collider, producer on the film Andrew Form spoke about the disappointment quite candidly, suggesting that it even blindsided the team. He said:
We were obviously surprised at the box office results. We loved the movie. We loved making the movie. From our first Super Bowl teaser to everything we launched, we felt so good about our material, and for some reason it did not find the audience that the first movie found. And we talk about it all the time, and we tried to figure it out, but we cannot put our finger on what happened. We really can't. It's just one of those things where we feel like we made a really great movie; we thought at the time that our release date was great, and we added all these new characters with Bebop and Rocksteady and Baxter Stockwell had a big role in the movie and Casey Jones and for some reason when it came to opening weekend…Even before the movie came out, we were feeling great. And you wake up two days before the movie opens and you go, "Wow, I don't know if this movie is tracking as well as it should." Then you hope, and then Thursday night happens and your midnights come in and you're like, "That's not what Movie 1 did," and then sure enough your weekend comes and it's nowhere near what anyone thought, and it's nowhere near Movie 1, and, before you know it, it's over. We're still so proud of the movie; it just didn't find an audience. We really don't know why.
It is a strange thing, and my guess is that even though it did good money the first time around, people just weren't excited to revisit that world, that quickly. Sometimes movies just fail too, somewhat inexplicably. Whatever happened, don't expect to see this version of the Turtles again, as Form added:
I don't think there's Turtles 3, but I wouldn't say there's never going to be another Turtles movie.