What does FREEMIUM mean and what are the different FREEMIUM pricing strategies?

FREEMIUM is the mix of the words FREE and PREMIUM and refers to an economic model and a pricing strategy that combines both free and paid elements.

Thus, the Freemium pricing model is a pricing strategy in which a company offers its product or service for free but with limited features, while offering one or more premium versions of the same offer – with more advanced features…