After coming to the realization that the manner of applying kinesiology tape in the roll format was inefficient, Dr. Kevin Jardine began the process of creating an alternative device, which is called SpiderTech Tape , and is being used by many Olympians in the 2012 Games.
Backup and archiving remain the biggest applications for digital magnetic tape although it is also used as a physical data transport device (as the old saying goes, you can ship more data on tape in a delivery truck over a shorter time than you can send electronically).
Aside from magnetic tape (which generally has a slower time to access information) there is no more cost effective storage device to keep all this content on than HDDs.