You're wrong. Its easier to maintain subscribers and they will continue to pay since they get used to the platform and they believe that they are saving money in the short run, whereas Adobe makes more money if you think long term.. If the lifetime of a subscriber is 10 years, that's $6000 per subscriber... If you can reach to 5 million subscribers eventually, that's $3billion guaranteed money per year without spending so much money to innovate your products to release new ones.l..
Lets be real here. We have no idea if customers will continue to pay a monthly fee from Adobe over the long term. They might...but they might also drop it before the first year ends. Lots of uncertainty moving to a new business model. Adobe products are not what they used to be as far as importance.... and this earnings report was shabby at best. If the adoption works well and they can get RE-SUBs....then it might be safe to buy here....but until then this stock is very unattractive.