One concept I like is the Premium plan that gives lifetime
access to all features but only updates for one year. It can act
as both the old-school software purchase or subscription
depending on what the user prefers.
I don’t think this model aligns the incentives particularly well. If a business does a great job creating a piece of long-lived reliable software, they get punished by infrequent updates. If they ship a good-but-not-great product with some lock-in, need for frequent updates and an ecosystem of backwards-incompatible plugins and formats, then they get rewarded because you’ll end up buying it again next year.
That works for standalone/installable software but not for hosted/cloud-based services as keeping every version running alongside each other forever would be a nightmare!
Atlassian does this, no? Or at least used to. I believe they've stopped now.