I’ve been looking into various storage solutions for my own purposes lately. I also used to work fro a cloud storage provider which was purchased by Lenovo/EMC.
Cloud storage is best suited for light and medium weight media that needs to accessed from multiple locations. It is not well suited to heavy weight mediums like digital video footage.
A couple roadblocks present themselves. Cloud storage is not architected for large contiguous files or realtime playback of HD footage.
Your files when they are uploaded to Amazon S3 or Microsoft Azure or whomever, will be chopped up and scattered across hundreds of file servers in dozens of locations. This is great for your data to be redundantly protected against loss. It also means it takes forever to upload and download.
The cost of most cloud storage solutions is prohibitive for video workflows, even as backup. Just due to the sheer volume of data that even a short form project can entail. However AWS and I believe Azure have deals from time to time. I think Amazon has a deal right now which is free for a few months, then some nominal amount per year.
I’m thinking of setting one of those up as my offsite DR solution. But as others have said, upload and download will crawl. It is not anything you would want to deal with when you have a client on the phone.
You would still want local or network based storage to work with.
The cloud is not a panacea.