Video---especially digital video---can be stored on more than just videotape. The characteristics of the storage medium determine playback and recording capabilities.
For example, magnetic and optical disc media (CD,DVD,hard disk) are capable of nonlinear reading and writing, while videotape is inherently linear.
Videotape is still a very efficient means of storing large amounts of digital data in a small space, but other types of media are quickly gaining ground.