AdWeek reports on a study called “State of the Media Democracy” that was released by Deloitte & Touche’s Technology, Media and Telecommunications practice.
Highlights from the study:
1) User-generated content
• 51% of all consumers are watching/reading personal content created by others; the number jumps to 71% for Millennials.
• 55% of Millennials and 42% of Xers read blogs, while 62% of Millennials and 41% of Xers watch YouTube or other video streaming sites.
• 40% of all consumers are creating their own entertainment, such as editing movies, music and photos. Millennials may be the majority of the creators at 56%, but Matures are also participating – 25% of them report creating their own entertainment.
2) Traditional Media
• 79% of all consumers discuss their favorite TV shows with friends, family and colleagues, compared with 38% that discuss favorite websites.
• 72% of all consumers enjoy reading print magazines, a proportion that’s consistent across the generations.
• 23% of all consumers expect to spend more time reading books this year. A slightly larger percentage expects to spend more time hanging out with family and friends.
3) Cell Phones
• 46% of Millennials embrace their cell phones as an entertainment device.
• 57% of all consumers text message on their cell phones compared with 84% of Millennials.
• 56% of all consumers take photos with their phones, including 37% of Matures.
4) Advertising Insights
• 76% of all consumers find Internet ads more intrusive than print ads, and 64% pay more attention to print ads than those online.
• 28% of all consumers would pay for online content to avoid seeing ads.
• While offline advertising is effective in driving web traffic, 84% of all consumers visit a website after finding it through a search engine and 82% do so because of a personal recommendation.
What it means: a couple of interesting insights for the Praized blog readers. First, younger generations love user-generated content and mobile access, which means a local/social mobile application could be a killer app. In addition, traditional media is far from dead. It’s just competing in a much more fragmented world.
Seb Provencher's Blog 
What the heck is a Millennial? Note to self: Don’t trust privately-funded surveys that use made-up words to sound hip.
The way I understand it, Millenials are what is also called Generation Y or the Internet Generation (i.e. the people that followed Generation X). Source: Wikipedia.