Subscription licensing and per-device licensing are two different licensing models, which are not dependent to each other. Conversion to per-device licensing (PDL) is not possible any more, this licensing model is end-of-life. Existing orgs with PDL will have to migrate to subscription licensing. If you have Co-term, which is the default licensing model, you can migrate to subscription licensing. It is possible, when the co-term ist expiring. Just order subsciptions and claim the licenses. The migration will occur automatically.
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