Spotify subscribers will have to pay more to listen to their favorite music or podcasts. 

The company announced on Monday that it is raising the price of its premium plans. 

The Premium Single plan will cost $10.99 a month, a $1 dollar increase. The Premium Duo plan is going up by $2, from $14.99 to $16.99 a month. The two other premium plans, Premium Family and Premium Student, will also increase by $1. 

Premium users get a variety of perks, including on-demand music and ad-free listening. 

SEE MORE: Spotify is laying off 2% of its workforce

Spotify said it’s implementing the price increases so it can “keep innovating.”

The streaming service has more than 200 million premium subscribers. They will be notified about the price changes by email and given a one-month grace period before the increase kicks in. 

For users currently on a trial plan, they will get one month at the original price. After that, the new price will go into effect. 

If a subscriber does not want to pay the additional fee, they can cancel their premium subscription. They can still use Spotify, but the service is supported by ads.

The news of the price increase sent Spotify’s stock price tumbling. It was down by more than 5% on Monday.

SEE MORE: Podcast provider Stitcher shutting down

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