I need to know which will be my best bet within my price range for headphones which will be used for media consumption such as music and gaming
Personally, I'm very fond of the Audio-Technica ATH-M30's. I've been looking for a replacement headset myself since I need the mic since my Corsair Vengeance 1500's crapped out, but my M30's are more than filling that role, so I'll just buy a clip-on mic. The sound is much better, cheaper (Corsairs headset was $65 on sale), and there really isn't anything to complain about. Some of the best build quality I've seen for $45 headphones, and I've had these for a year and half of pretty brutal use - I'd throw them in my back pack with little to no care and ride my bike with that same back pack on, and the roads in San Jose are some of the worst around. I'd normally use these in Starbucks (or any cafe), and these were really good at blocking out sound and pretty comfortable - no sweat or heat issues, and soft. Now, not as much; I think living in the abused backpack took a toll on the ear cushions, but that's an easy fix.
http://www.amazon.com/Audio-Technica-ATH-M30-Professional-Closed-back-Headphones/dp/B00007E7C8/ref=sr_1_1?s=electronics&ie=UTF8&qid=1382931656&sr=1-1&keywords=ATH-M30
Here is my review:
http://www.amazon.com/review/R15HH4HYO3SXWU/ref=cm_cr_rdp_perm
I don't think there are any headphones that deliver better sound for under $100, much less under $50. But if you want noticable uprade, I think you'd be looking at the ATH-M50's, or the Sony MDR-XB500
http://www.amazon.com/Audio-Technica-ATH-M50-Professional-Monitor-Headphones/dp/B000ULAP4U/ref=sr_1_1?s=electronics&ie=UTF8&qid=1382932549&sr=1-1&keywords=ATH-M50
http://www.amazon.com/Sony-MDR-XB500-Diaphragm-Driver-Headphones/dp/B001RB24S2/ref=sr_1_1?s=aht&ie=UTF8&qid=1382932516&sr=1-1&keywords=Sony+XB500
This is also a good starting point for research:
https://www.youtube.com/watch?v=lEjwyYOFwZg
Look up some reviews on head-fi.org if you want to learn more about how any other these or any other headphones sound.
These are probably the best of the group, but I will throw up some other pairs for you to check out. You might find one that you prefer the sound of.
http://www.amazon.com/Over-Ear-Headphones-ComfortMax-Cushions-Earpads/dp...
http://www.amazon.com/Creative-EF0060-Aurvana-Live-Headphones/dp/B000ZJZ...
http://www.amazon.com/Koss-ProDJ100-Headphones/dp/B003X1BEKI/ref=pd_sxp_...
http://www.amazon.com/SR850-Professional-Studio-Reference-Headphones/dp/...
http://www.amazon.com/Superlux-HD-681-Professional-Monitor-Headphones/dp...
http://www.amazon.com/KRK-KNS6400-Studio-Headphones/dp/B004ARSMXQ/ref=pd...
http://www.amazon.com/Panasonic-RPHTF600S-RP-HTF600-S-Stereo-Headphones/...
http://www.amazon.com/Gemini-DJ-HSR-1000-Professional-Monitoring/dp/B006...
I dunno if you're after a mic attached, if not go with jerm1027's suggestion, as he said you can just get a clip on mic as they're pretty cheap. As for my own, I've been using a pair of Siberia v2's for the last couple months and they've been fantastic, they have 50mm drivers so they sound great for games and music, especially after wear them in after a week or so. They are also extremely comfortable, I can wear them for 5+ hours at a time without any irritation.