Concepts, feasibility experiments, and key component developments are described for a holographic digital record/reproduce system with the potential for 1.0 Gbit/sec rates and higher. Record rates of 500 Mbits/sec have been demonstrated with a ten-channel acoustooptic modulator array and a mode-locked, cavity-dumped argon-ion laser. Acoustooptic device technology has been advanced notably during the development of mode lockers, cavity dumpers, beam deflectors, and multichannel modulator arrays. The development of high speed multichannel photodetector arrays for the readout subsystem requires special attention. The feasibility of 1.0 Gbits/sec record rates has been demonstrated.