It’s strips of plastic, yes, but with a magnetic coating.
During the recording process, the sound is converted into electricity and supplied to a recording head, which generates a magnetic field that slightly changes the properties of the magnetic coating of the tape.
This process is deterministic: a given pattern of sound will create a given pattern of magnetic particles.
It’s also reversible — the magnetic tape can be passed over a playback head, which will respond to the magnetic properties of the tape and generate electricity, which is then converted back into sound at the speaker.
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