When compared to other entertainment hobbies, Video Games are actually quite expensive.
I'll take Ceric's total as an equivalence and assume we are just starting our respective hobbies. $2,235 gets you...
Let's assume we start with a respectable SDTV at $300 (this will be important)
Movies:
$150 DVD player - $2085 left
The remainder gets you 94 movies ($22 each). Even if you got every movie that was #1 at the weekly box office and drag Svevan in here and ask him what good movies are this year, you'd have every movie worth watching and still not reach 94 titles.
OR
You could go to 149 theater movies, assuming they are charging an egregious $15 per ticket.
TV:
Any sort of basic cable plan or satellite dish will run you $40 and the absolute MAX will be at most $120 per month. You'd have almost half your money left.
Music:
Oh hey, there's no need for a TV here. +$300 credit.
CD Player - $50
Big Time Stereo - $300
With $2185, you can get 145 albums. That'd be the #1, #2, and #3 albums in EVERY Genre, and you'd still have some left over.
Also, If you go the MP3 route: a $300 iPod, you can get about 2200+ iTunes downloads. Every hit single of the year and you'd have about 1920 left.
Games: Ready? I assume you'd want the opportunity to play everything, just like you can listen to every CD or play ever DVD in basic players. I also assume you have a computer, because THAT particular sphere of the hobby will really make this comparison unfair.
New PC graphics card - $300| $1935 left
Xbox 360- $350| $1585 left
PS3 - $500| $1085 left
Wii - $250| $835 left
DS Lite - $130| $705 (handhelds count right? Of course they do)
PSP - $170| $535 left
Before you even get game ONE, you only have $535 left. You'd only be guaranteed to get one game per platform with the remainder. After that, you'd have a limited choice.
I'm being generous in including price drops. IF I didn't, you'd only have $335 left, and you'd only be able to get one game for every platform, plus a Wii or PC game, and have $5 left.
Everybody else has much more of their hobby content than a dedicated gamer. It IS more expensive.