I don't think Netflix deserves to be included in FAANG. People will follow the content they seek (driving up costs to acquire content) and a recommendation algorithm only goes so far. Good content is easy to buy / create with bags of money. v
Outside of content, it takes a lot to build a streaming platform and make it available to a mass of users. Most of the soon-to-be-launched streaming services are launching the same technological platform Netflix/Hulu had 5+ years ago. Netflix has moved onto Bandersnatch.