Cheapest Method: Record the Footage as It's Playing The most affordable method to convert 8mm film to digital is to use another camera to capture it in a digital format. You could even use a smartphone camera if you don't have anything else, but a digital video camera or a DSLR will work just fine as well.

Using a transfer machine or a digital converter is another excellent method. These devices are made specifically for digitizing 8mm and other analog content with a click of a button. Transfer machines come with a camera, a film projector, and a special mechanism to record your reels.

If you're using a Mac, the stock QuickTime Player will suffice or you can buy third-party software if you prefer. For Windows, programs like Sony® Vegas Movie Studio+ DVD, Pinnacle® Studio Plus or Ulead VideoStudio®, etc. will work.

Video capturing software on your PC and Mac can also be used for 8mm and hi8 tape conversion. For Mac systems, iMovie is decent software that can be used for video editing as well as capturing. Thus if you want to convert 8mm film to digital without using any additional device, iMovie will help you with the task.