The  difference  between  objective  and  subjective  is  fact  or  opinion.  In  the  film  industry  I  can  guess  that  it  has  to  do  with  the  view  of  the  camera.  I  research  a  couple  definitions  that  breaks  it  down  for  me.

Flashback - A segment of film that breaks normal chronological order by shifting directly to time past. Flashback may be subjective (showing the thoughts and memory of a character) or objective (returning to earlier events to show their relationship to the present).

Flash Forward - A segment of film that breaks normal chronological order by shifting directly to a future time. Flash forward, like flashback, may be subjective (showing precognition or fears of what might happen) or objective (suggesting what will eventually happen and thus setting up relationships for an audience to perceive).

Objective Camera - The attempt to suggest that the camera acts only as a passive recorder of what happens in front of it. The use of objective camera relies on de-emphasis of technique, involving minimal camera movement and editing.

Perspective - The way objects appear to the eye in terms of their relative positions and distances.

Subjective Camera - Shots simulating what a character actually sees; audience, character, and camera all "see" the same thing. Much subjective camera involves distortion, indicating abnormal mental states. Shots suggesting how a viewer should respond are also called "subjective" (for example, a high-angle shot used to make a boy look small and helpless).