Mobile app stores killed that model, when they made continuous, perpetual updates the norm. At the time, everybody was too busy pointing out the implications of going from 50$ to 50ct when the even bigger change was a farewell to major version upgrade sales.
But there, after a few cycles of companies ruining themselves by hiring in the short-lived money surge of growing an app to saturation, parts of the industry seem to have found their way to quite reasonably priced subscriptions.