[blinzy]

Yes, I know you said they do sell hardware and that's probably how they survive.

If you look at my comment I said "if they only produced software", because I wanted to use it as an example (just from your £200 figure) with back of the envelope estimates to show why many companies move to subscriptions, because if you have a niche product, having new customers in the thousands or tens of thousands every year is incredibly difficult compared to having a reliable set of recurring customers with subscriptions.