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Why do apps exist as "Beta" version?

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I have seen so many apps that exist as "Beta" versions. And they have existed as "Beta" for a long time. What is the reason that some apps exist as "Beta" versions for a very long time? Do you know any app that just exists in Beta version?
 
In my experience, apps that remain in beta for a long time are usually because the developers are still fine-tuning and refining them. Sometimes, the features they want to include are very complex or still in the testing phase, and they don't want to release something that might fail or create a bad user experience. It could also be that the app has a very specific niche and there isn't yet enough interest to launch it officially. In my opinion, an app in prolonged beta can be both a sign that it still has a lot of room for improvement and a strategy to maintain a group of users who test it and provide constant feedback. An example I know of is some messaging or social media apps that remain in beta for years because the developers prefer to keep tweaking details before a full, official release.
 
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