The normal location for content storage is the home directory of the WACS user account which is created when you do either a package or an easyinstall. Obviously putting a large amount of multi-media material into the home directory area of the server may not be desirable so you may wish to consider where it should be placed. As mentioned elsewhere this could be a seperate volume or group of volumes on an LVM partition, an external disc drive or even another remote server or NAS server supporting NFS protocols.
The important things are to ensure that the location of the storage
is specified in the Wacs configuration file (usually
/etc/wacs.d/wacs.cfg
ahead of adding the first content and
that it remains accessible at the same file system location throughout.
This means either arranging for it to be mounted, etc as necessary at
boot time or deploying an automounter such as autofs or
am-utils to do that for you.
In the case of a WACS system on a web hosting provider, you are unlikely to be able to access the filespace via local network style file sharing mechanisms such as NFS and CIFS. You will have to upload content instead using ftp, sftp or web browser uploads and import it using WACS's extensive XML import facilities or the collection management tools.