Shares of online music site


skyrocketed Monday, the first day of trading since the company signed a licensing agreement with

Broadcast Music Inc.

, the organization that administers performance royalties for songwriters.

That deal, announced late Friday, gives the right to make available the BMI repertoire of more than 4.5 million songs from within the site. shares climbed 3 3/16, or 31%, to 13 9/16 in late trading Monday, reaching their highest price in three weeks. ( finished up 3 1/4, or 32%, at 13 5/8.)

San Diego-based saw its shares get

pounded in late April after it lost a copyright infringement lawsuit filed by the five major record labels.

The suit involved's creation of a database of more than 80,000 albums that allows users to effectively store music digitally and then access it via any computer connected to the Internet.