After attending a seminar on long term data storage for broadcasters a couple of years ago, the only solution they were willing to recommend was tape, more specifically LTO.
While the tapes aren't hugely expensive individually, the price of the drives (~$1K) is prohibitive unless your data is actually worth real money.
Like I said, if that data happens to be the all the footage from a prime-time TV show that's still in post, then losing it could cost you 100's of thousands, even more possibly.
As it stands, Cris can probably get away with hard discs, but if he ends up entering into agreements with a bunch of people to store material permanently with a financial penalty for failure, then the cost of an LTO drive, some tapes and a safety deposit box in a vault might start to make sense.
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