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Why?

Not to be intentionally blunt, but your argument seems to be structured around attaining the highest userbase possible, rather than the highest revenue possible.

The natural followup is that a higher userbase begets a higher revenue, but why -- and how? I think that's certainly true with companies such as Facebook or Pinterest, where a) higher userbase equals stronger value proposition and/or b) advertising is a primary revenue source, but neither of those seem applicable to Instapaper.

Frankly, I don't think Instapaper needs to revolve around a Freemium model at all. It's a high-quality, standalone app. I don't understand the trend in the tech world that tends to demonize paying up-front for an app (and hell, Instapaper's online version is free); frankly, I'd rather know what I'm paying up front than be saddled with IAPs or subscriptions down the line.

What do you think of a simple $X dollar per month subscription for an app like Adobe Photoshop ($50 a month)? The same product is also available perpetually for a one time fee of $2500 (no upgrades), equivalent to 4 years of subscription.
I think adoption is key, ESPECIALLY when you're only earning from subscription fees.

Only charging for a service and not offering a free version can kill adoption. I know very few online services, especially consumer-facing services, that don't give you SOMETHING for free.

You and I may know it's high quality. But if you're a skittish consumer and there are free or freemium choices, I think it's unlikely that a paid-only option will thrive.