I work in a TV production company. Masters and rushes are archived to LTO8.
Drives are cheap but a real pain to keep around and you can’t keep them indefinitely.
But you’ll likely want a library. These are expensive. Not necessarily to buy, but to license and get tot software. I think our entire system, (library, 2xlto8 drives, server, software and licenses cost 15-20k)
And we only licensed 25 out of the 50slots. As it’s a real fucker as you have to license the slots twice, once on the library and again in the archive software.
But it’s been an absolute godsend, having archive projects available makes life so much easier.
Until you need to actually restore a project consisting of multiple TB and it would have been cheaper to get a local backup server.