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Is it legal to make back up copies of your DVD/Blu-Ray collection?
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In the eyes of the law, no its not legal. The UK has only a limited "fair use" clause in law and that does not allow for archiving, copying or backing up of copyright media.
The law says "Producing a back up copy for personal use of a computer program.", note,
of a computer program. It does not have any allowance for the backing up of audio/visual media. This is a common misconception.
The licence on the dvd/blueray does not allow for this either.
The law is old and outdated, but it is still the law. There have been many campaigns to get it updated to allow the backing up of audio-visual entertainment media, but none have come to fruition yet.
Moralistically, I do believe it should be allowed.
It must be noted that the law doesn't allow for the transcoding of your media to your mp3 players or tablets either.