JACKSONVILLE, Fla. – Cord cutting has become a growing trend across the U.S. and it is not going to slow down.

More than 5 million Americans will stop paying their television subscriptions this year, costing the industry billions.

New York consulting firm, CG 42's 2018 Cord Cutter & Cord Never Study focused on both U.S. consumers who opted out of subscription-based paid TV, as well as U.S. consumers who have never subscribed to paid TV service.

They discovered the top five frustrations that drove cord cutting: not getting competitive or reasonable rates, having to pay for channels they do not watch, being charged multiple fees and charges, expensive service and new customers receiving better deals than existing ones.

Millenials and Generation X are cord cutting much more than Baby Boomers.

CG 42 said Netflix and Amazon Prime are expected to get many cord cutters subscribing to their services in the coming months.