Audience's drink finds clown! (4)
I believe the answer is:
coco
'clown' is the definition.
(Nicolai Poliakoff aka Coco the Clown)
'audience's drink' is the wordplay.
'audience's' shows a homophone (sound like) (how it sounds to an audience).
'drink' becomes 'cocoa' (cocoa is a kind of drink).
'cocoa' sounds like 'COCO'.
'finds' acts as a link.
(Other definitions for coco that I've seen before include "Gabrielle Bonheur Chanel" , "French fashion designer, who branched into perfume etc" , "'... the Clown, ... Chanel (4)'" , "address for Chanel" , "Famous clown" .)