Missed this on MCV yesterday, it's worth reporting a little late though. Probably due to the arrival of the next generation systems amongst other things the value of games sold in 2007 was greater than the value of music sales for the first time.

2005:
Video/DVD: £2,196m
Music: £1,839m
Games: £1,345m

Total: £5,380m

2006:
Video/DVD: £2,122m
Music: £1,651m
Games: £1,361m

Total: £5,134m

2007:
Video/DVD: £2,164m
Games: £1,719m
Music: £1,417m

Total: £5,300m