A new survey of consumers shows that younger generations are not only finding new ways of consuming media but also pulling away from paying for traditional ones. The findings of a Media Consumption Survey presented at a conference on Thursday in New York said that around 5 percent of younger customers, ages 24-34, are likely to stop receiving pay TV.

The survey was conducted with a sample of 2,400 consumers in June and the results were shared during the Goldman Sachs 23rd Annual Communacopia Conferene, by Mike Vorhaus and Frank N. Magid Associates.

Across broader age groups of the population surveyed, only 2.9 percent of respondents said they planned to cut the television cord. While this is a relatively small percentage, this number represents millions of customers and profit dollars for pay TV distributors. It is also a rise since 2012 when only 2.2 percent of people said they were going to stop buying TV.

Some of the reasons why people are stepping away from television are also explored in the survey. Over three quarters of those surveyed said they were satisfied with content they could access online. This can include streaming television shows from network websites or Netflix-type companies, watching digital content on YouTube or elsewhere. This finding was coupled with the roughly 40 percent of survey-takers who rated their satellite or cable companies as only fair or worse.

"I don't believe TV is dying," Vorhaus said. "I don't believe it's in the golden age either, but there are a lot of platforms."

The national average for daily TV consumption is 7.3 hours each day. In the survey, that consumer average was broken down as 3.37 hours of live television, 2.06 hours of digital viewing and 1.9 hours of video-on-demand or DVR programming.

More than half of U.S. households pay for a VOD subscription service, with 43 percent of them subscribing to Netflix, according to the study.

A drastic increase among people who say they cannot live without their smartphones is up to 50 percent, up 22 percent in just three years. One thing that hasn't changed is the percentage of people who said they can't live without their TV, which remains around 57 percent. However, younger demographics from ages 18 to 34 who use television as their primary entertainment medium is down 40 percentage points to 21 percent.