Once again, nothing new. There was never a time when high culture was ascendant over low. Shakespeare never had the draw of rat-baiting. There was never a point where the masses tossed aside Faulkner for shiney new electric media. They were never that interested in Faulkner in the first place.
People want stuff and status. Media may have some role in choosing what specific stuff to buy or status to pursue, but the desire was always there. The chattering classes are the tail that thinks it wags the dog.