The UK high street video game market grew by 12% to £2.3 billion in 2014.
MCV, citing GfK Chart-Track, say the increase is entirely down to the success of Microsoft's Xbox One and Sony's PlayStation 4 during their first full year on sale.
Of the total, £915 million was generated by console sales alone, with the PS4 named the UK's best-selling console of the year. NPD data has also confirmed this to be the case in the US.
The figures combine the sales of boxed games (including game download codes sold in stores), consoles and accessories.
However the consoles are responsible for the rise, with sales of boxed games falling by 7% to £948m. MCV say this is the first time the figure has fallen below £1bn "in more than a generation."
It is likely due to the rise of download sales made directly through the major consoles.
Sales of gaming accessories – including controllers, other peripherals, points cards and Xbox Live & PSN membership codes – went up by 7% to £431 million.
Despite the increase in revenue, 58.6 million physical video game items were sold at retail last year, compared to 62.6 million in 2013, with the high prices of the new consoles making up the difference and pushing this year's figures ahead.