How do you define indie?

I feel like there are 2 groups of people

1-Only those who aren't signed to a major label*or don't even have one) and/or aren't large enough to be considered a major artist

2- A broad genre which encompasses everything from rock to pop to alternative. The size of the artist and/or the label they're signed to doesn't matter.

I feel like at the genesis of indie music the first group was right, but in modern times indie music isn't just related the size of artists and/or labels. It's its own sound. Its own genre. Now days I feel like belief two matches indie more. I feel like this mismatch of definitions leads to the most arguments of what indie is.

What do yall think?