DVD's can theoretically hold a maximum of 4.7 GB. But in actual usage, you will not get too close to that because pushing toward the limit increases the chances of a bad burn. In practice, due to the odd sizes of files, you will be lucky to place about 3.5 to around 4.3 GB on a DVD. Let's say about 4 GB on average. Let's not count the one-out-of-four or so that don't burn properly for whatever reason, or which end up having bit errors, etc.. Similarly, conventional Blu-ray disks are rated at 25-GB. But I will assume practical storage on the order of about 23-GB per disk. Cloud Storage has a different price model. Instead of paying-once as with user-owned media, many Cloud Storage firms require continuing payments. For this comparison, I'll assume a nominal 5-year time frame.
So the rough Price Per GB (PPGB) for each media type, in Cents per GB, came out to be about:
(Prices in US-cents.)
So Blu-ray now appears to be the lowest cost medium, with magnetic Hard Drives coming in a very close second place.
Other types of media still have advantages for particular uses. Although Memory Sticks are expensive as an archival medium, they provide conveniences in other ways. Non-Techies may feel more comfortable with thumb drives than burning optical disks.
Some may like Cloud Storage, but others may not like the idea of paying year-after-year to store their old data, as well as the relatively slow transfer rates over internet. Cloud Storage would have the apparent advantage of off-site storage. However you could achieve the equivalent by keeping your backup media at a different location as well.
DVD and Blu-ray disks are convenient for moderate sized backups because you can easily remove them.
But a 2-TB hard-drive is more compact than the equivalent 80 Blu-ray disks or 500 DVD's plus cases. With the latest external USB Hard Drive docks, you can easily plug-in spare hard-drives without opening your computer case. And backing data up onto a Hard Drive is easier than than making ISO's and burning optical disks — with much higher data-rates as well.
Optical disks are still good for mailing someone a large amount of data. But now it is often faster to use the internet for shipping data.
I did not list double- and triple- density Blu-ray, which are capable of storing 50-GB and 100-GB per disk, respectively. However, you must have a sufficiently capable Blu-ray drive. I would expect an even more favorable cost per GB, thus keeping Blu-ray in the lead by cost. I also did not list various magnetic tape options, since these are not widely adopted by home users.
As far as the comparative longevity of these media, there is little definitive data available due to the newness of the formats, as well as the wide variations in manufacturing quality between brands. It is possible that optical disks may exhibit substantially different final Bit-Error-Rate (BER) statistics than magnetic Hard Drives, due to their intended applications. For example, a bad bit in a video stream may be more tolerable than a bad bit in critical financial data. Blu-ray is targeted at the former, while magnetic disks are normally expected to store the latter. Only time and experience will tell.
So for now, Blu-ray and externally mounted Hard Drives offer the lowest media costs. When considering the combination of cost with ease of usage, externally dockable Hard Drives now appear to offer the best overall convenience and compactness for archival storage.
Recent investments will yield a slight profit.