Show's setting for the audience (5)
I believe the answer is:
sight
'show's' is the definition.
(thesaurus)
'setting for the audience' is the wordplay.
'setting' becomes 'site' ('site' can be a synonym of 'setting').
'for the audience' shows a homophone (sound like).
'site' is a homophone of 'SIGHT'.
(Other definitions for sight that I've seen before include "a great deal" , "Power of vision" , "A great many" , "Could be a jolly" , "something ugly" .)