Hmmm $8 for a paperback, or $8 for a DVD of a movie, or $24 for a video game that plays 20 books worth of time, or ... Books are way overpriced now. My solution is mostly the same as for music- I just stopped buying them. If they were $4, I would probably buy them.
First of all, please tell me where you live because I'm paying up to $10 for a paperback and a minimum of $15 for a DVD and $50 for a video game.
I have to agree with your solution. As prices have gone up I've cut back on my spending because I generally feel the product isn't worth the cost. The result is that I spend LESS money now on entertainment than I did 20 years ago, not even factoring in inflation.
Remember when movies were $4.50 and you could get popcorn and a soda for $5.00? I used to take my kids to the theater every week. 4 x$ 9.5 x 52 = $1976
Now tickets are $10.50 and popcorn and a soda are another $10+. So now we go to the movies once a month, get a soda and sneak-in our own snacks. 4 x 15.50 x 12 = $744.
Who's the loser? The movie theaters, studios and MPAA. At $62 per movie -- assuming we sneak-in snacks -- I'm a lot more selective about what movies we go see. Honestly, there aren't 12 movies released each year that are worth that much to me. But when it only cost about $30 to take the family to the movies, you didn't mind when the many of the movies were bombs.
Ditto for books. I used to read a book a week when they were under $5. Now I buy maybe 12 books a year at an average price of $9.00 and trade with people at work and in my neighborhood.
And video games. Used to be I'd buy new games the week they were released. But at $80 each for the newest titles that can be finished in a week unless you pay EXTRA for on-line gaming, I've cut down to just a few games a year.
The problem I see with the Entertainment industry is they literally want to have their cake and eat it too. They want to keep on increasing the size of their slice of the pie while selling more pieces of more pies at the same time.