I'm fairly sure about the former (having seen some private numbers that I'm not allowed to share) -- although you can think through it yourself. What other kind of data is as easily and commonly produced as photos/videos and takes up so much space?
The latter is definitely true since it's a hard research problem that I've spent some time thinking about myself. There are approaches to lossy-de-duplication of photos that can achieve some significant savings, but the quality loss is too great to be useful at the moment.