The study revealed that a full 80% of millennials say that their video time is spent with TV. And further, watching live TV, as opposed to video-on-demand (VOD), comprises the bulk of viewing.

"One of the most common myths we hear in the marketplace is [that] millennials don't watch TV," the report noted. "This multiscreen insight report takes a deep dive into the video landscape with a specific look at young adults 18-34. We will let the numbers speak for themselves but there is no denying millennials love premium, multiscreen video content."

At the same time, the migration of video viewers from computer to smartphone has accelerated, with 8% less consumers watching video on computer (persons over the age of 18) than they were last year. Meanwhile there been a 16% increase in smartphone video consumption. Also, 45% of people over 18 say that smartphone video garners more time spent.

App usage has also reached its highest level to date, averaging 176 million users over the age of two, monthly. Multimedia device penetration and usage now stands at over 61 million people 2+, with time spent with multimedia devices is highest among millennials.

The live TV findings run slightly counter to other research. A new Forrester report for instance found that 2015 marks the year that digital cord-nevers — the generation of viewers who never acquire the pay-TV habit — have eclipsed cord-cutters in size. The data showed that in the US, 7% of adults under 32 years of age are digital cord-nevers, never having paid for TV. This compares with the entire cord-cutting population which comes in at 6% of all adults who are not paying for TV while still getting all the TV value they need from a combination of Netflix, Amazon Prime Video, and other tools.

That means that half of adults under 32 will not pay for TV by 2025, Forrester said.