The big five European leagues generated a record €15.6bn (£13.8bn) in revenue in 2017-18, a 6% annual increase, according to new figures from Deloitte.
It says the European football market is now worth some €28.4bn (£25.1bn).
The English Premier League was the market leader, with record revenues of £4.8bn, as five teams competed in the Champions League for the first time.
Germany’s Bundesliga overtook Spain’s La Liga to become the second-largest revenue generating league in the world.
Deloitte said during the 2017-18 season, European club football was in the “strongest financial position that we’ve ever seen”.
With a quintet of English teams competing in the Champions League in 2017-18, and all reaching round 16 or beyond, Uefa payouts to clubs increased by about £71m.
Wages outstripped revenues, highlighting the financial risks that Championship clubs are willing to take in order to gain promotion to the Premier League. However, net debt among Championship clubs almost halved over the course of the season.
The Bundesliga also remains the best-attended European league, with average crowds of more than 43,000.
Italy’s Serie A remains some way behind the German and Spanish leagues in terms of revenues, with France’s Ligue 1 remaining the smallest of the Big Five leagues.