Is this possible? Converting Paid app as a yearly subscription

I have my paid app in Playstore and AppStore. Now as per our requirement I want to convert a paid app as a yearly subscription.

For example, Users purchase the app at $50 and that will be their first-year subscription. Is that possible?

I notice both Playstore and AppStore only have two options for downloading the app that is,

1. Users can download the app for free.
2. Users need to pay some amount to download the app, and users can use that app for a lifetime.

So there is no subscription option for downloading the app. But Playstore and AppStore provide subscription options as In-app purchases.

To achieve my requirement, I have a thought to implement the below idea, Once users paid and download the app, we will allow the user to use the app for one year. Then after one year, we will ask for the subscription(In-app purchase) when opening the app (without any free content in the app for the user), the user needs to pay to continue to use it. If payment is successful then I allow the user to login the app, if-else the user needs to exit the app.

Will the AppStore and PlayStore accept the above idea? Is this possible? If not, please suggest a solution for us?

The main goal is users need to pay $50 per year.

Thanks in advance.

re the Play Store. If you want to have a subscription you need to make your app Free and then add your subscription(s).

See in Google Play console Monetise, Products, App Pricing, In-App products, Subscriptions

App Pricing - make it Free. Note you can't change back to Paid after making it free, so make sure you understand that before making it free.

Subscriptions - Enter your subscription details and make the subscription active.

Any app that is marked as Free will have an install button on Google Play. If it is a paid app then the user will be prompted to pay for it before they can download it.

A subscription can have a trial period. The user is only charged when the trial period ends or you option to control the trial within your app via your own server etc. I can’t comment re the Apple Store.