Another approach is actually very widely used, which is backing up the data using your backup software and then...
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restoring it to the new storage. This can be a slow process and you may want to consider backing up to disk instead of a tape library if there is a great deal of data. The problem with this approach is that new data being generated will not be a part of that restored data set. This issue can be minimized if you are using backup software that supports synthetic full backups (i.e. CommVault, Legato and TSM).
Additionally, most storage vendors provide a data mover service to perform this task for you. In some cases, this makes a great deal of sense, especially if you can negotiate it as part of acquiring that vendor's products. However, if you are not in a position to negotiate, you may have to pay for this service.
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