That's interesting. I'm curious though, the tape is designed to last 15~30 years if housed in controlled environment. The capacity is certainly there with multi-Terabyte. So the medium itself is not going to be something to survive the environment in your home. Climate controlled vaults and the machines to read/write the tape vastly out-cost the medium of course. Tape has always been a major backup medium for archive, but it's not inexpensive and requires significant investment. Likely too significant for photography enthusiasts. But a very interesting point to look into that tape is still alive and well with massive capacity!
That said, I don't think I could foot the cost of the equipment needed to even use LTO tape and for off-site you'd need a climate controlled place to do it (hopefully just someone's house). If the medium itself requires specific temperature & humidity ranges to achieve 30 years, that means it would not be happy at all if exposed to the environment during a significant event. And the technical side of things, this would not be an easy tech for someone to just pick up from you, if you stroke out or keel over, and figure out how to get the data off of it.
Very best,
I believe the long term cost is price competitive if your TB count goes up. It’s the initial buy-in for the readers that is ultra expensive. It’s definitely a logistical thing for corporations or really tech savvy families or something. I imagine a cellar in some geographically safe part of the world would be the best way to do it, but that really depends on if you have family or infinite money to throw at the problem with owning property, maintaining it, and guarding it.
So yes, tape is primarily only as the third back up option to RAID, a networked or islanded repository slow speed in another part of your home, and cloud back up with a financially resilient company with great IT and Infosec backing (Google Drive?), or if you want to stick it to the man (big guv’ment and big data).
Also one more option than offsite backup is to get a fire proof cabinet (not sure if those are flood proof too though). And / or a bunker with one of those biochemical filters, solar and batteries, a genny, etc.
It just depends on how valuable you think your data is. ^_^
The biggest draw for LTO is the Airgapped, islanded nature to protect against ransomware, etc. If a company does frequent enough backups of their entire system, then when ransomware or a state actor threat vector breaches your security and wipes the floor with you, then you have a back up option that costs a lot less sometimes than paying the ransom (down time for the business can also cost $$$$$$$$$$$$$).

