What happened

Shares of many high-flying stocks in the media-streaming industry saw sharp corrections on Friday. Video streaming veteran Netflix (NFLX 1.04%) fell as much as 5.7%, streaming music and podcast specialist Spotify (SPOT 1.23%) took a 9.7% hit, and media-streaming technology expert Roku (ROKU 1.36%) bottomed out 6.9% lower.

So what

None of these companies had any bad news to share today and they should normally have jumped upward instead. Spotify reported strong third-quarter results on Thursday morning, followed by a bevy of bullish analyst updates on Friday. Netflix set the stage for stronger revenue collections on Thursday afternoon by raising subscription prices in the U.S. market, also triggering a handful of positive analyst reports. And when streaming service providers like Netflix and Spotify are doing well, Roku's sales of streaming hardware and software licenses should follow suit over time.

A bear roars in front of a red stock chart trending downward.

Image source: Getty Images.

But investors are selling high-flying growth stocks today, fleeing into safer investment ideas amid disappointing earnings reports from dozens of companies on Thursday evening and Friday morning. The three digital entertainment experts under my microscope fit the description of risky stocks due for a correction today, so investors slammed their "sell" buttons despite the good news mentioned above.

Now what

I get it. These stocks have absolutely crushed the market in 2020, so it sort of makes sense to take some profits off the table today:

NFLX Chart

NFLX data by YCharts

However, a deeper analysis of this week's disappointing earnings reports should eventually drive investors back to Roku, Spotify, and Netflix. The COVID-19 pandemic that distressed many industries in 2020 and appears to be gearing up for another wave of infections over the winter is actually good news for these three companies, relatively speaking.

People who are working from home and are restricted from everyday spare-time activities such as live concerts and sports signed up for streaming media services by the millions last spring. A second COVID-19 wave would almost certainly repeat that unusual growth-boosting consumer reaction, which makes these stocks look like incredibly safe bets for the winter ahead. All three are superior long-term investments in my eyes, especially when you can buy them at a temporary discount like the one we're getting today.