What is the difference between freemium and premium?

I'm curious, could you please elaborate on the distinction between freemium and premium models in the context of digital products and services? How do they differ in terms of accessibility, pricing strategies, and the overall user experience they offer? Are there any specific examples or industries where one model might be more prevalent than the other? Additionally, are there any potential drawbacks or advantages associated with each model that businesses should consider when deciding which to adopt?