The UK boxed video games market generated 2.294bn in 2014, MCV can reveal.
GfK Chart-Track says that the figure, which combines sales of boxed games, consoles and accessories, is a 12 per cent improvement over the year prior.
The increase was almost entirely down to huge sales of PS4 and Xbox One, with 915m generated from the sale of consoles in 2014 - that's an increase of 46 per cent year-on-year.
PS4 ended the year as the UK's No.1 games console, according to Sony.
Accessories sales shot up seven per cent to 431m, driven once again by PS4 and Xbox One peripherals as well as online points cards.
But it wasn't all good news. Boxed software sales slumped seven per cent to 948m. It's the first time boxed games market income has fallen under 1bn in more than a generation.
Meanwhile, despite a significant increase in revenue, the actual number of video games, consoles and accessories that were sold last year fell six per cent. 58.6m physical video game items were sold at retail in 2014 versus 62.6m in 2013.