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Trading media: 6 plays on content creators

As more big media names roll out over-the-top and streaming services, CNBC "Fast Money" traders believe Netflix will survive and thrive.

CBS-owned Showtime said Wednesday that it would roll out its online streaming service on Apple devices on July 12. Showtime's move follows Time Warner's introduction of HBO Now earlier this year.

Netflix should outlast the increasing competition, driving its surging stock even higher, trader Guy Adami said.

"The way to play the space (is) you've got to get into Netflix. Everything you talk about out there the path goes back to the stock," he said Wednesday.

Red Netflix envelopes sit in a mail bin at the U.S. Post Office sort center, March 30, 2010, in San Francisco.
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Red Netflix envelopes sit in a mail bin at the U.S. Post Office sort center, March 30, 2010, in San Francisco.

The stock has soared 82 percent so far this year, above $620 per share. Despite its valuation, investors should "keep on riding" Netflix, said trader Brian Kelly.

Trader Pete Najarian added that prospects for international expansion—particularly in Europe and Latin America—bode well for Netflix.

Read MoreNetflix in China? Big challenges lie ahead

Facebook and Google

Social media giant Facebook has reportedly surpassed 4 billion daily video views. Facebook's growth in the area offers competition to Google's YouTube.

For Adami, it provides another reason to buy Facebook. He said the stock would "blow through" $85 per share, which it has struggled to crack.

Facebook closed 2 percent higher above $82 per share Wednesday. Trader Pete Najarian agreed that Facebook would push through the $85 resistance.

Read MoreTwitter an 'instant fit' for Google: Chris Sacca

Trader Karen Finerman, who owns Google stock, said she would stick with it despite the potential for Facebook's video disruption.

Disclosures:

Pete Najarian

Long AMAT, AAPL, BABA, BAC, BMY, BP, CSX, DISCA, DKS, FOXA, GE, KKR, KO, LLY, MBLY, MRK, PEP and PFE. He is long calls AAL, AAPL, BBY, BMY, C, COP, DAL, EBAY, EEM, EMC, F, GE, GS, HPQ, IMAX, LEN, MT, NEE, PFE, SYY, TEVA, TJX, UAL, UPS, VZ, WSM, XLF and ZIOP.

Brian Kelly

Brian Kelly is long DXGE, BTC=, BBRY and U.S. dollar. He is short Australian dollar, Canadian dollar, yen and yuan. Today, he closed out of short DAX, short EURO and short WTI Crude Oil.

Karen Finerman

Karen is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, JPM, KORS, M, SEDG and URI. She is short SPY. Her firm is long ANTM, AAPL, BAC, C, DIS, FBT, FINL, FL, GOOG, GOOGL, GPS, IBB, JPM, KORS, M, SUNE, URI, XBI, KORS calls, URI calls and SPY puts. Her firm is short IWM, SPY, MDY and M calls. Karen Finerman is on the board of GrafTech International.

Guy Adami

Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.