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Don't know many people who have a problem with the price. £30 isn't completely unreasonable for an entire year. It's the lack of options that people find unappealing. This isn't the sort of game where you can log in and play whenever you feel like it. Having to commit to the same time every day non-stop gets very tiresome, and because of this people like to take long breaks from the game. Taking long breaks = Not many people want to pay for a whole year up front because they don't feel like they will get the most out of their money, so they just don't bother paying at all.
tl;dr - Price is OK, but we need more payment options. Would love to see the 3 and 6 month options revised.
That last line is pretty much my story. I've done everyday leagues a couple of times on my main account, and it simply got to be too much of a time commitment with how inflexible the schedules are (having to be basically chained to the computer the same time every day), and I have since decided that I like racing three times a week better, because I find the racing more competitive over the season.
Ironically, if I were still racing every day I probably wouldn't want the subscription, because after a while of daily racing you get burned out and want to take time off - as it is, my main account has been on shutdown since October 8th and I currently have no plans to revive it, and I'm just racing with my other two teams, both of which are in 3x/week leagues.
I had a sub on my main about a year ago, and I was running it month-to-month, which worked for me because at the time there were a lot of problems with the game and I wasn't sure the game would even be around a year on from then, which is basically right now. I ran into some financial problems and gave up the subscription, thinking I could just get one again when I had the money, and then like a week and a half later they took that away and only left the annual option.
I think long-term, there needs to be a sort of "casual play" option (I've spoken about this before once or twice), where basically, managers can post a single race to run on a certain day and time - think "I'll be hosting Silverstone 50% on 27 November at 18:00 GMT" - and managers can race in these without affecting their league play. Or maybe something like a "quick race" where a certain race will be posted and managers can enter starting up to one hour beforehand, until either 10 minutes before the event, or until the field fills up. There have been times when I've wanted to race but couldn't because my leagues weren't racing that day. It would be nice to be able to have my league races, and then do casual races in periods where my leagues weren't running. I think this could add a lot more value to the game - both for the developers and the players - if done properly.