Below is an affordable way to get an expensive look. We used some drywall niches and some lighting effects combined with some accented paint colors to complete this basement remodel.
We also built a simple audio cabinet with access from the rear under the stepos for the client to manage their cablking for their a/v system 
A simple way p take a standard wall cavity and use the 2×4 wall cavinty space to create a decorative niche in the entry of a home.
We also used some hockey puck lights combined with accent paint and a bowed face granite sill to complete the look,
Custom Entertainment cabinet with custom lighting accents. Alsonote the window seats to the right and the left. The one on the right is hinged for storage beneath and the seat to the left tastefully houses the subwoofer for the audio system.
Also notice the Speakers that are tastefully hidden behind color coordinated speaker fabric and removable poplar speaker panels.
Hockey Pucks and rope lighting give a very comfortable ambient environment for hanging out.
More traditional entertainment are with storage space and ample book shelves.
Notice the light bridge and pass thru wuth the puck lighting accents.
Every Basement needs a cool Bar!!!! Here is an example of how a 6 ft x 30 inch closet space can achieve just that!
