Comedy clubs cutting price of going (5)
I believe the answer is:
farce
'comedy' is the definition.
(farce is a kind of comedy)
'clubs cutting price of going' is the wordplay.
'clubs' becomes 'c' (abbreviation used in card games such as bridge).
'cutting' is an insertion indicator (some letters cut their way into a word).
'price of going' becomes 'fare' (as in a train fare, cost of going somewhere).
'c' placed within 'fare' is 'FARCE'.
(Other definitions for farce that I've seen before include "Travesty" , "eg 'Noises Off'" , "Ludicrous situation" , "Broad comedy" , "Ludicrous stage show" .)