I'm long on P, but I think you are flawed with "What they do is "optimize" those dollars." Businesses are ALWAYS optimizing their ad dollars. Pandora can target demographic and locations, that's why it's always the best avenue to advertise.
Ok, so if they always "optimize" then in a recession, they hone in that optimization, because they don't spend like its good times. You are making my case. Pandora can target demographics and locations as you say. I believe overtime they can target more than demographic, as the system learns personal preferences even in the ad you choose to interact with, no doubt. Bottom line is you don't walk away from that kind of targeting in a "recession". Which by the way was what I meant by "optimize" as a driver.
Last point as of yesterday the FED chief has committed even more dollars to the economy pegged to an unemployment rate of 6.5%. I don't think a recession is possible at this point, especially if they let more of those dollars flow outside the banking system.