The TV industry is undergoing an unprecedented transformation due to the disruptive nature of technological innovations derived from the digitalization and convergence of the medium with the Internet. The traditional linear television model has evolved into a connected, multiscreen, interactive and personalized television, radically transforming the production, distribution and viewing of audiovisual content. These processes have been intensified by the emergence of millennial users, the young adult audience for whom these changes are natural. This research analyzes how millennials' viewing habits are affecting the television industry. In addition to a literature review, the main source of data for this empirical study is a survey carried out online with a representative sample of 518 Spanish Internet users aged 18 to 35 years old. The overall response rate was nearly 60%, with a 3.1% sampling error at a 95% confidence level and maximum variance. Our research shows that the competitive forces of online audiovisual platforms have a negative impact on conventional television consumption, especially among younger populations. This has forced traditional television networks to renovate their model by applying new strategies which significantly change their own identity.