It's like a subscription, except that it's not advertised as such. Then, you are held to ransom to re-activate your plugins for an additional fee - which in some cases can be nearly the original purchase price of the plugin all over again. When you buy a plug in from Waves, they suggest you own it, but you don't - you only own it until an OS update kills it. Waves seems to have fudged the line between 'purchased outright' and 'subscription' models. Windows users, as I understand it, are in a better position as incremental OS updates are less likely to break everything, but on the Mac it's a real problem. I am literally just re-buying the right to use the exact same plugin I thought I already owned. This has happened to me two or three times, and its infuriating, particularly because the 'new' versions do not add any functionality.
What that means is that one minute you are happily using your $500+ worth of plugins, but then the next minute, after clicking on yes to a 'software/OS update suggested' from MacOS, all your plugins are dead unless you spend hundreds of dollars re-activating them. Mac users seem to get it worse than PC users, in that Mac OS updates seem to often (like every few years) necessitate an update to the latest 'Waveshell' software in order for any Waves plugins to work.
Two observations, coming from someone who has spent many hundreds of dollars with Waves, and has now moved 100% away from them (none installed):
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