In media discussions, elitism is usually used similar to the second meaniing, as a generic insult for people who like different things than us, and are vocal about their conviction that this is an objective quality, not just their personal opinion. (E.g: PC gaming elitists who think that PC is better than consoles, Anime elitists who think that anime is better than western animation, retro elitists who think that the old works were better than new ones.) It's mostly a synonym of "arrogance", it's more of an attitude than a belief system.elitism (ɪˈliːtɪzəm, eɪ-)
? n
1. a. the belief that society should be governed by a select group of gifted and highly educated individuals
b. such government
2. pride in or awareness of being one of an elite group
But there is also a more specific definition, described above, the actual worldview that is based around wanting a system that rewards competence. In it's widest interpretation, when applying it for society as a whole, that definition also became hated, because it's the opposite of modern egalitarianism. It would mean that some people should have less legal rights than others.
But in some aspects of culture, it is still present and accepted. For example, sports are based around giving more rewards and better positions to those who demonstrate better abilities. The educational system rewards students with good grades with scholarships and other benefits, acknowledging that (at least in the microcosm of the educational system), thea ARE better than others.
Analogously, true media elitism would be wanting artists, critics, fans, hobbyists, or any similar group of "insiders", who can be identified as more competent in their familiarity with the medium than the generic masses, to have a bigger voice in the prouction of art.
So, when we dismiss arrogant people as "elitists", are we only using the new definition, while acknowledging that "the elitist theory" makes sense, (just like we dismiss "entitlement" while acknowledging that we are all entitled to certain things), or is the traditional definition included in the insult as well, and we actualy believe that all sorts of elitism are bad, and that media should be as egalitarian as politics, never ever implying that some audiences are more deserving than others?