Basement ceiling choices may include drywall or a suspended grid for panels, though they each have drawbacks. Instead, for this basement music studio project I built slatted ceiling panels from an inexpensive wood, and simply screwed them to the bottom of the joists. The design is very simple and easy to build. Best of all, the panels can be removed in a jiffy for access to plumbing, electrical or ductwork.
This rustic or industrial style panel can be adapted for playrooms, media rooms and other uses. If you upgrade the wood quality you can create a more elegant style instead. The design will cut down on acoustic echoes for studios or media rooms, and if you add mineral wool insulation between the joists before installing the panels you'll have even greater soundproofing.
At the time of construction, each 4 foot by 4 foot panel required about $20 in materials.