"FAANG" is an acronym that refers to a group of highly popular companies: Meta Platforms (META 1.56%) (formerly known as Facebook), Apple (NASDAQ: AAPL), Amazon (NASDAQ: AMZN), Netflix (NFLX 2.31%), and Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) (née Google). These businesses are all innovators in their respective industries, which is partly why they became so prominent. And while there are solid reasons to consider investing in each, let's consider two specifically whose shares are worth holding on to for decades: Meta Platforms and Netflix. 

1. Meta Platforms

Meta Platforms changed its name from Facebook to signal an increased focus on the metaverse, which could become a massive $1 trillion annual revenue opportunity, according to some estimates. But the metaverse is far from being a thing the company can profit from right now or anytime soon. Meanwhile, the tech giant is still pouring money into metaverse-related efforts -- expenses that are contributing to lower net income.

And in another blow, Meta Platforms' core advertising business slowed considerably last year. Companies decreased ad spending amid a mountain of economic headwinds. In other words, Meta Platforms struggled over the past year, and that could continue throughout 2023, and perhaps even next year. The company's financial results reflect that. In the fourth quarter, Meta Platforms' revenue decreased by 4% year over year to $32.2 billion. 

Worse yet, the social media giant's net income dropped by 55% year over year to $4.7 billion. Why, then, are Meta Platforms' shares worth holding onto forever? The company's massive ecosystem, competitive advantage, and multiple monetization opportunities are the key reasons.

Meta Platforms ended 2022 with an impressive 3.74 billion monthly active users across all of its websites and apps, an increase of 4% year over year.

The company has built a solid network effect -- that is, the value of its platforms grows as more people use them. Consider Facebook, which helps friends and family connect and stay in touch. There is no other social media platform with as large an audience, which means for those seeking to find loved ones with whom to keep in touch, Facebook is the best option. Furthermore, the more people are on the platform, the more it becomes a target for advertisers.

And beyond that business, Meta Platforms has been ramping up various monetization attempts, such as paid messaging in WhatsApp.

Meta Platforms is still in the early innings of its efforts to monetize WhatsApp, and there are plenty of opportunities on Instagram, including e-commerce. On Facebook, the company reports that Reels (short-form videos intended to compete with TikTok) is growing rapidly, providing another potential growth avenue. 

As for advertising, Meta Platforms' ad business will bounce back once economic conditions improve. The company's metaverse ambitions could also pay off massively. And in the meantime, Meta Platforms' various monetization efforts will create new revenue sources.

Ultimately, the company's greatest strength is its massive user base, which it will continue to find ways to capitalize on. That's an important reason to hold on to Meta's shares for good. 

2. Netflix 

Streaming giant Netflix has faced its share of issues, too. Perhaps the most important obstacle in the company's way is competition. Streaming services have started popping up like weeds, which is a major reason some investors are worried about the company's future, as these new competitors could eat into Netflix's market share.

But there is another way to look at it.

The fact that there are now so many streaming services signals what Netflix has been saying all along: This will become the norm of how we watch television. That's because streaming is more versatile and convenient. With cable, shows are set to air at a specific time. But viewers often want the freedom to watch whatever they want, whenever they want, and on whatever device they wish, and that's what streaming offers.

But streaming still has a long way to go before taking over. In January, streaming accounted for 38.1% of television viewing time in the U.S., according to the media analytics company Nielsen. Not only did the total amount spent streaming jump by 31.8% compared to January 2021, but this category also saw its share of TV time increase from 28.9%, gaining roughly 9 percentage points.

There is still plenty of room to grow, especially in countries where streaming has significantly less penetration. Netflix accounted for 7.5% of TV viewing time in January in the U.S., second only to the not-so-comparable YouTube, whose content is created and shared for free by the users on the platform. At any rate, streaming is on a northbound path that will continue for years. Netflix is well positioned to benefit from that.

The company has achieved the rare feat of becoming a verb in common usage, a testament to how powerful and valuable its brand is. That's a potent competitive advantage.

And Netflix benefits from another weapon: Its subscriber base of roughly 231 million users provides comprehensive data on viewing habits that allows it to create new shows people will continue turning to.

Netflix's content strategy has been hugely successful over the years and will continue leading it on the long path of growth left ahead.