Is this possible? Converting Paid app as a yearly subscription.

I have my paid app in 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 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 AppStore provides subscription options for 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.