Is my subscription business serving customers or just extracting from them?

It is a good sign that you are asking. A business that only extracts never stops to wonder; it just counts. The fact that the question bothers you means part of you already knows the answer you want to be true. Retention itself is not the problem. People happily pay, month after month, for things that genuinely make their lives better. The question is whether they would thank you if they saw everything you do, the nudges, the friction, the fees. Serving means you would be glad to show them. Extracting means you would rather they not look. Spend an hour this week as your own customer. Try to cancel. Read your own emails. Notice where you feel served and where you feel worked. Fix the first thing that made you wince. Let that honesty guide the rest.