Indicate live drag demonstration's ending (7)
I believe the answer is:
betoken
'indicate' is the definition.
(betokening is a kind of indicating)
'live drag demonstration's ending' is the wordplay.
'live' becomes 'be' (synonyms).
'drag' becomes 'toke' (toke is a kind of drag).
'ending' indicates one should take the final letters (the letter at the end of the word).
The last letter of 'demonstration' is 'n'.
'be'+'toke'+'n'='BETOKEN'
(Other definitions for betoken that I've seen before include "Be a warning sign of (an event)" , "Signify" , "Show by a sign, indicate" , "Be a sign of (something)" , "Be a sign of (poet,)" .)