Venue satisfying audience (7,5)
I believe the answer is:
meeting house
'venue' is the definition.
'satisfying audience' is the wordplay.
'satisfying' becomes 'meeting' ('meet' can be a synonym of 'satisfy').
'audience' becomes 'house' (house is a kind of audience).
'meeting'+'house'='MEETING-HOUSE'
(Other definitions for meeting house that I've seen before include "Quaker place of worship" , "Quaker church" .)