Penny amusement for the audience's gratification (8)
I believe the answer is:
pleasure
This clue might be a double definition.
'penny amusement' is the first definition.
'pleasure' can be an answer for 'amusement' (I've seen this before). I'm not sure about the 'penny' bit.
'audience's gratification' is the second definition.
'pleasure' can be an answer for 'gratification' (I've seen this in another clue). I'm unsure of the 'audience's' bit.
'for the' acts as a link.
(Other definitions for pleasure that I've seen before include "Gratification of the senses" , "entertainment" , "Delight, joy" , "Delight, happiness" , "amusement" .)