> Adobe had an intense outcry when they moved to a subscription model, and it worked out great for them

That remains to be seen, actually. There used to be an "Adobe pipeline" where kids in high school and college would pirate Photoshop, become familiar with it, then be ready to use it when they got a real job. That pipeline shut down when Adobe moved to a subscription model: now all the kids use Figma instead. It'll take a little while to bubble up, but eventually all these design shops are going to find that their new hires know how to use Figma and not Photoshop, and start wondering whether Adobe software is worth the cost on top of retraining.

None of this shows up in quarterly reports but it's a real phenomenon and it will catch up to Adobe sooner or later.