Licensing for a team

I want to use Unreal Engine to develop a game with 3 other guys. Will one license cover all three of us ($19 for 4 people), or will each of us need to buy a license ($76 for 4 people)?

The FAQ says:

How much do I have to pay for Unreal Engine 4?

UE4 is available for $19 per user per month, with a 5% royalty on gross revenue from commercial products.

Developers in Europe pay €19 per user per month, including VAT, and the 5% royalty applies here as well.

So you’d probably have to pay the $76 (or €76, if you’re in Europe) per month.