Spotify (SPOT) shares dropped more than 5% in intraday trading on Monday after announcing plans to raise prices for its premium subscription plans.

The music streaming platform said it will ಞraise prices by as much as $2 or 20% in the U.S. for some of its offerings. A single premium subscription will go up to $10.99 a month from $9.99, while students plans will go up to $5.99 a month from $4.99.

🌼Spotify claims it has more than 200 million premium subscribing consumers, and they will be given a “one-month grace period” before the increased price comes into effect. Price hikes will also be implemented in other countries including the U.K., Mexico, Australia, Canada, Ecuador, and Spain.

The Swedish company said the price hikes are in reaction to the market landscape evolving since its ince♏ption in 2008 and launching its premiu𝐆m service in 2011.

The price hike by Spotify follows hikes by rival Apple Music. Last October, Apple decided to hike its premium subscription plan prices by a dollar to $10.99 from $9.99.

In its first quarter earnings report, Spotify said its premium subscribers grew by 15% year-over-year (YoY) globally to 210 million, while its total revenue grew by 14% to €3.0 billion ($3.32 billion).

Despite Monday's decline, shares of Spotify were still up over 100% year-to-date.