I understand funding the growth of the business but $120/year per-person isn't going to fly.
Imagine trying to explain to your family why they should switch - oh, that is four accounts - nearly $500/year.
Instead I think the pricing should be something that is 'set and forget'. $10/year with an annual payment would probably be enough to get me to sign up.
Then the issue is scale. I remember old Twitter revenue models being discussed - $1/user/year - once you have 10m, 100m users etc the business will be well funded.