I've got 650 members who get our discounts ($300k+) - Should I close free membership?

Hi all,

I run FounderPass which gives founders/startups access to discounts on SaaS tools and software (I negotiate directly with the companies to get the discounts)

Currently, it has a free membership and a paid/premium membership (which gives bigger discounts and some deals are only available to premium members).

I've hit 650 free members and am thinking do I close the free membership and move it to either just one single paid membership or two tiers (i.e something like $25/year and $99/year) - for reference our competitors charge $199/year and FounderClub by product hunt that offers the same idea but fewer deals is $720 a year!

Has anyone any experience removing a free membership/package and it's effect on paid members.

Thanks in advance