Most people I know love going to live shows, myself included. And I go to a lot. So from a spectator point of view, what are the ingredients of a good show? For me it can be any combination of the following.
1) Virtuosity, either instrumental or vocal.
2) Story telling, either by the song, or between songs, or both.
3) Crowd interaction, much more intimate in a small venue, and to me makes things even more enjoyable. (Not too much though, they came to hear you play)
4) Humor, again either in the song, or between songs.
5) History, either of a song or artist. Adds to intimacy learning about a song or more about an artist.
I'm sure there's more, but you get the idea. There's lots of ways to entertain