One can't skip the "cheaper" aspect. Computer games (well at least not the freemium play2win types) are generally much better deals than being a sports buff, as you can spend a lot more time playing/watching replays of games for less than a cable subscription.
The MMOG and freemium types that require subscription fees or have an in-game economy are a different story. I truly hope legislation prevents those types of games from destroying the existing landscape of "buy-once play-many" vs. constantly buying "gold/credits" for upgrades (that you need to even stay competitive).
Even most of those seem to subsist more on pulling in a small percentage of "whales" (who spend thousands and likely have gambling addictions) and people who buy the occasional hat.
Even then on an entertainment/hour basis video games are a remarkably cheap form of entertainment.
Not at all a representative sample, but the majority of my friends and their families growing up watched very little television outside of the occasional sporting event. Those same people are now enthusiastic social media users.
We did? I though people just switched from TV to Internet because Internet is more fun or more faddy or just cheaper.