The old model of boxed updates is still in use by some companies today, JetBrains comes to mind. In either case you tuck major new features in a new major version or rolling yearly releases and sell the customer a license to the software that gets a year of updates. In a similar vein many apps I use on my Mac have monthly subscriptions but cancelling them limits their use to essentially one device, but doesn't remove the application or my access to the data.