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Partially true. I'm pretty sure it was the Border War that got the company starting to turn around. You couple that with WCW fucking up the unfuckupable Starrcade 97 and people got tired of it. That's not how it works here though as there isn't so much an alternative to Raw but rather another night to watch. You can watch both so it's not like people are going to watch because they're tired of the other company.They obviously weren't the ones people wanted to see.
I disagree, I just think they haven't found the one yet. While WCW's money situation turned around drastically when Hogan arrived in the middle of '94 (as in, they quit bleeding money, and began making profit), the overall fortunes of the company didn't turn until they hit upon that goldmine angle of the nWo. For all the excitement and following Austin had in '97 and '98, it wasn't until he began feuding with McMahon that you really began to see the WWF take off.
It just takes that one wrestler, or that one angle, to set you off. TNA just hasn't found it yet.