Further study by Deloitte has shown the convergence and multi-device consumption is coming of age in Australia.

Deloitte's State of Media Democracy survey of more than 2000 Australians across four generations found more than a quarter (28 per cent) of Australians own and multitask with a laptop, a tablet and a smartphone. Meanwhile 71 per cent are multi-tasking while watching live TV, which for 63 per cent of respondents remains as their preferred form of entertainment across all age groups. The next preferred source of media entertainment is the internet (44 per cent), followed by listening to music (34 per cent).

But what does this mean for retailers?

According to Deloitte Media partner Clare Harding, it's important for companies to consider content strategies that are platform, device and distribution neutral.

"Extension strategies from TV as the preferred source of entertainment, to the 14 to 28 year old Millennials' preferred entertainment device (78 per cent) – their smartphones – are also key," she said.

"The industry is investing in smartphone and tablet apps that are useful to customers 'on the go'- replicating the success of mobile banking with 30 per cent of survey respondents across all ages now using their mobile for banking at least weekly.

"They are also trying to better understand what media we use for what, when, and how. And how many at the same time – two or three screens?

"It is important for the industry to act now to learn more about customers through the collection and analysis of customer data, the observation of consumer activity in digital environments, and to continue to develop loyalty through the content, brands and experiences that they connect with – and those that connect with them."

Another key finding of the survey is almost half of all Australian respondents update their social network sites at least five to seven days a week.

Nicola Alcorn, Deloitte Partner-elect and an author of the report, said this reliance on social is challenging customer and content strategies for both media organisations and consumer businesses more broadly.

"How we use social media continues to evolve with multi-tasking behaviours. As consumers seek a greater connection with the media, the talent in the media and each other, almost one third of Millennials are using social networks whilst watching TV, which is likely to include connecting with others regarding a show," she said.

Alcorn also pointed out using social channels as a source of information and recommendations for advertising is also gaining traction. "Social will continue to evolve into true social commerce," she said.

More than half (55 per cent) of all respondents find online reviews influential, with 34 per cent viewing social media as an important tool to learn about products and services.

However the role of social media is still playing out in advertising. It appears to be effective in driving product awareness, but not necessarily conversion. Almost 80 per cent of all Australian survey respondents report that social media has a low influence on their buying decisions.

At the same time more than 79 per cent of Australian respondents are not comfortable with having their online activity tracked and would not be willing to provide personal information, even if it meant more targeted offers. Adding that globally, Australians are among those most averse to being tracked online.

"Given the growing number of social media channels available to customers, it is really tough to work out what to select and how to take advantage of the power of online reviews and recommendation," Alcorn said.

"For advertisers the conundrum is more about how best to sell integrated media in a seamless way and use consumer data to be a source of new revenues – not just reach. And for content developers and rights holders – as the new entrants threaten incumbents – the issue is about how to keep one step ahead of the game."