Even if for some reason you don't re-encode, 18+ TB disks are now available. This means you can fit nearly 300 films' worth on a single drive like this, more if you buy multiple. I don't think it's such a bad idea to run a 4-drive cluster out of a single Raspberry Pi, with all the drives connected over USB.
You don't even need backups for this, really. If you own the discs and lose the digital version, just copy it on the disc again. If you acquired it via other means, then... it should be possible to replace most such data. Even if you do choose to make backups, then that doubles your cost per terabyte at most.
Storage is really cheap, assuming you're fine with something that isn't a fancy ZFS/RAID array.