Spectacle for the audience in place (4)
I believe the answer is:
site
'place' is the definition.
(site is a kind of place)
'spectacle for the audience' is the wordplay.
'spectacle' becomes 'sight' (spectacle can mean a sight or display).
'for the audience' indicates a 'sounds like' (homophone) clue (how an audience might hear it).
'sight' is a homophone of 'SITE'.
'in' acts as a link.
(Other definitions for site that I've seen before include "Location or piece of land" , "internet location" , "station" , "Locality" , "Locate, position" .)