Barnes & Noble announced earlier this week that it has invested an undisclosed amount of money in Flashnotes, the online student study vendor, Retail DIVE reports.
Flashnotes functions as an online marketplace of study guides, notes, flash cars and instructional videos for students. It operates within a peer-to-peer model.
The largest bookstore retailer in the United States also reaffirmed its commitment too Nook products, which have recently experienced a decline in sales.
"Our Nook team continues to seek opportunities to stabilize, and potentially reverse, the decline in content sales in what continue to be a challenging environment," Chief Executive Officer Michael Huseby told Wall Street analysts on a conference call, according to Fortune.
"We remain committed to supporting the Nook product, which remains an integral part of our future because it is important to our customers."
Despite a lack of visible success from Nook products, Barnes & Noble sales rose 1.7 percent in its recent fourth quarter, with the sale of physical books leading the boost. These results were to the surprise of many analysts who several years ago predicted that physical books would disappear and that Nook would earn its place as the center of the company's attention.
Last month, Barnes & Noble announced the formation of its College division, which targets the textbook and study guide market. The new division is expected to help the company overcome losses from its unfavorable Nook results.
Still, the company remains committed to promoting the Nook, especially with the education technology market.
"We aren't giving up on Nook by any stretch of the imagination," Huseby also said, according to Market Watch.
"E-readers and tablets aren't going to be a big business for us going forward. The industry itself is declining. We are trying to sell more digital content going forward."
