According to a study by Deloitte & Touche's Technology, Media and Telecommunications practice, there is still hope for traditional media.

For example, across all generations, "millennials" (13-24), "Gen-Xers" (25-41), "Boomers," (42-60) and "Matures" (61-75), nearly 75 percent say they enjoy magazines even though they acknowledge being able to read the same thing online, according to the study.

In spite of new media popularity and a “trickle up” effect on older generations, the trend was even more obvious (71 percent) among the millennials, according to Ed Moran, director of product innovation in Deloitte's New York office

The study also showed that over half (51 percent) of all online users across all generations consume user-generated content.

Moran said the "resilience of old media" remains a prominent feature of the landscape. “One of the main activities online is going to a television Web site,” he said. The study found that 46 percent of all users do that on a regular basis, including 52 percent of all Gen-Xers.

"Television is still a core activity. Even though we see the expected amounts of online, text messaging, cellphone use and games—consumers are doing more things, but still watching television. It is always on," Moran said.

This study might be "both troubling and reassuring" for advertisers, Moran said. He predicted that "participatory TV," with some level of interactivity, will become more popular, especially when the millennial generation grows up.