Imovie 10.0.1 no longer supports archiving/backing up video?

I was disappointed to find out that imovie 10.0.1 does not seem to have any support or means to archive video from a video camera in the way that previous versions of imovie did. When importing video footage from a camcorder in prior versions of iMovie one would press on the "camera" icon in the lower left corner and iMovie would recognize whatever camcorder was plugged in. Then in the lower left corner of the screen there was an "archive all" button and when pressed you could save raw video footage in a compressed form and then delete them from the camcorder, freeing up HD space on the camera. This does not appear to be the case any longer in iMovie 10.0.1. I am bummed at this. How will take Terabytes of HD space to store all the raw video footage if downloaded in its full sized HD resolution. Has anyone found a way to archive video so that the raw footage can be stored in a compact way without having to use large amounts of hard drive space to store video footage? Please advise. Thank you.