The downgrade in huge profits has nothing to do with ad revenue nor syndication.
Instead, there are so many services buying, that it got easy to get bought. So a whole new slew of people joined the industry. In 1988, during the strike, the vote was 2,111 members for, 422 against settling.
For the 2007 strike, they had 12,000 members. (tripled over 2 decades)
For the current (2023) strike, they have over 20,000 members ( + a third over 16 years)
Yes, the profit has not gone up, but that would be fine if they had the same number of writers. Instead they multiple their work and members by about x9, while the profit went up by much less than x9.
The other problem is that the profit streams changed and their contracts did not. Not a fair thing to do to people.
They need fewer writers and fairer profit streams.