Yeah, it's nice for small amounts, but $60 per TB per 5 years is more than hard drives plus parity, even with recent price increases. If you're anywhere near the sweet spot for tapes they'll be significantly cheaper.

Are there any online cloud storage services that cost less than $1 per TB per month?

I have several thousand video files totaling several TB that I store as a hobby.

This is purely for backup purposes, so I almost never need to retrieve the files. That said, I'd hesitate to use a service that charges something like $100 to retrieve a 1 GB file.

My understanding is that with AWS S3, you can retrieve up to 1 TB of data almost for free by using CloudFront.

I'm currently storing my files in the us-east-1 region.